When one of my LYS's closed when the owner retired last year, they had a good amount of Spud & Chloe Outer on clearance - and a huge percentage of that was pink. I snapped up about 12 skeins, and 8 of those were Sunkissed Pink. The skeins were all purchased with the intention of making a blanket for little miss, but they still languished in the stash for a while before I actually started anything. Mostly because knitting a blanket (even a toddler-sized one) is a big undertaking. Finally, I settled on the Purl Bee's Giant Granny Square, which I knew would be quick, especially using such chunky yarn.
And quick it was - total of about two weeks (with multiple other projects going at the same time, so I definitely wasn't working on this for hours a day). Highly recommended for the quick Christmas gift - and it's super easy to customize. So long as you're using the right size hook for your yarn, this blanket can be made with an infinite number of possible yarn/color combinations. If you're feeling really ambitious, you could go for the Giant, Giant Granny Square.