From Reversible Two Color Knitting by Jane Neighbors. Alternate reversible. This stitch has a slide after the cast-on that I am interpreting to mean that row 1 is WS for this version. Rows 1 and 2 in light, rows 3 and 4 in dark, rows 5 and 6 in light, row 7 in dark, repeat for rows 8-14.
Shown with a cast-on count of 2 stitches.