sl 2, k1, p2sso (or p2sso for short)

Here's a step-by-step of my best fave decrease. It pulls both sides together towards a central raised stitch, which looks super neat-o. It's featured heavily in the squid pattern.

Step one: slip two stitches together as if to knit:

      

step 2: enter next stitch after the 2 you just slipped ...

      

... and knit it

      

step 3: With the left-hand needle, pick up the two slipped stitches and pass them together over the stitch just knit.

      

the result: