It’s the Cupcake hat from Itty Bitty Nursery by Susan B. Anderson. I love her designs, they’re all so cute and unusual :)
The hat is knitted in Knit Picks Shine Sport (the pink + the cherry on top), and Knit Picks Crayon (the frosting).
I think it should fit a small baby head, but time will show. It would be really nice to have a doll or something to try things on for now!