Use cream yarn, start with a magic ring.
R1: 2 ch, 12 hdc in the ring, 1 ss, 1 ch
R2: 2 ch, ( 2 dc in next st ) * 12 times, 1 ss, 1 ch
R3: ( 1 hdc, 1 dc ), 2 dc in next st, ( 1 dc, 2 dc in next st ) * 4 times, ( 1 dc, 1 hdc ), 1 ss, ( 1 hdc, 1 dc ), 2 dc in next st, ( 1 dc, 2 dc in next st ) * 4 times, ( 1 dc, 1 hdc ), 1 ss.
R4: change red yarn, skip 1 stitch, 1 sc, ( 2 sc in next st ) * 5 times, 11 sc, 1 ss, 11 sc, ( 2 sc in next st ) * 5 times, 1 sc, skip 1 stitch, 1 ss.