It's a Debbie Bliss pattern. Mine is probably much larger than it is supposed to be. I used her Cashmerino Aran weight yarn. So nice to work with. If I'm not mistaken, I think this is the bear pattern Knit4many used for her avatar. I always smile when I see her avatar picture, it's so cute. I also used Morning Glory Cluster Stuff, which is a down-like stuffing fiber to fill the bear with. I really like how soft and squishy it made the bear. This would be perfect for Miss Daphne!!! She needs a bear to go with her little bunny, and her future Mr. Foster monkey!!!
As for doing it in the round, the only thing that doesn't appeal to me is purling. I found that rather difficult on 5 DPNs last winter. But now that I know how to do the magic loop, maybe it won't be so awkward.