I've noticed that in the knitting magazines and on the websites that people are using the term "cowl" interchangeably with capelet. In my mind it's just a small poncho, but the word poncho has apparently become so gauche that many people are unwilling to use it.
At any rate, this capelet is beautifully soft due to the tencel fiber in the cotton, and I have enough yarn so that it will have a nice cowl-like collar. I am knitting it from the bottom to the top, and will soon decrease the stitches to form a nice shoulder line. I will do that at about 7 inches from the bottom