Small Lace Circle Motif from Dorothy Reade's book Shorthand Knitting: Decorative Panel Designs (self published, 1970). Will be featured in Stories In Stitches 2 (http://storiesinstitches.net).
Shown with a cast-on count of 8 stitches.
1 2 3 4 5 Horizontal repeats
1 2 3 4 5 Vertical repeats