This octopus makes a lovely cuddly toy for a baby or small child, but you could also knit it for an adult, as it can be used as a mascot, a pincushion, a paperweight or even a stress ball.
The pattern can be customised with a wide range of accessories, facial features etc. Instructions for three different variations are given here, but there are lots of other ideas you could try. The lilac octopus is called Octavian, the pink one Olga, and the dark brown one Olufunke.
You can knit the octopus either with single-pointed needles, which would leave some seams to sew up, or in the round with double-pointed needles, or a combination of both. The three toys shown here were knitted on single-pointed needles for the head, but double-pointed for the tentacles. Use whatever needles you feel comfortable with for the different sections.