The caterpillar is done! I finished it just a few nights ago and I'm very pleased with it. The pattern was Caterpillar by Kimberly Chapman. I loved her pattern but I made a few modifications. I wanted my caterpillar to be bigger so I increased up to 48 stitches at the widest part instead of 30. I also used i-cords for the legs and antenaes instead of knitting in the round. For the yarn I used stash yarn that my grandma gave me. It's definitely acrylic and is probably Red Heart - the only one I'm not certain of is the yellow; it seemed slightly different from the rest.
This is going to be a baby gift for a coworker along with a copy of The Very Hungry Caterpillar.