Yeah, a hat's a great idea! I also really enjoyed making this little cardi
, which is sized from 12-18 months. It took very little yarn and was a quick, easy knit (raglan, yeah!). Okay, that's assuming this is for a girl since you said your yarn is pink.
You could also make some toys. There are some adorable, insanely simple one's on Rav. Like this one
or this one