Since the pattern says :
*M1, k1, rep from * - 24 sts.
I'd use a backward loop for the first M1 (In the videos on this site it is called a M1A and is the first increase on the increase video), then go to the M1 your pattern described for the others that are between stitches.
To make the M1A at the beginning of the row here is how I would describe it: Put the needle in your right hand so that you are looking at the back side of the work, now fold the working yarn back on itself so that it forms a cursive "e". There are two ways the "e" loop could be formed, they will both work, but if you do it so that the strand of yarn running back to the needle is on top, it will make the nicest appearance on the right side. Then put the needle in your left hand and knit that new loop, and continue on.
It is no big deal how you do it for something like a Christmas ornament. The Kfb that Sue mentioned will work too, I just think this looks a tad better.
A Kfb is a very standard increase, I just don't happen to like the looks of it most of the time (once in a while it is just the ticket). Sue did mention the backward loop too. So two votes.