It's the latter! But you guessed that. This can be used as a wrap-around-the-neck scarf, as a pull over your head scarf, or as a wimple (which doesn't look good on me, fyi). It is very stretchy, which is good, and I knit in a bunch of beads in the lace (a bit hard to see in this photo). But all in all I'm very pleased with this knit.