What is this?

A little hat for my soon to be born little niece or nephew. My sister Jill is preggers!!!
I am just about ready to make the turn on the hat. It is soooo tiny. Size 1.40mm needle and Ruby cotton thread found on e-bay. Each morning I try to do 2 rows and they take me 25-30 minutes depending on my intake of coffee. I can't believe how long it is taking me to make such a tiny item. Can I finish before he/she is born.? I wanted to add some stripey little booties to the gift but I am beginning to think the baby would be 2 years old before those were finished.