I read an article in Vogue Knitting about this project,
You can read about it here.
It includes the pattern, so I had to try one. I made mine out of some pink hand spun and it didn't turn out looking anything like I thought it would. Also, I didn't really understand what I was supposed to do with the trunk! My Elephant is about the size of a Beanie Baby, small enough to stuff in a pocket!