I’m calling this the pointy picot, because it’s very pointy, as opposed to most picots I see, which are rather rounded. Here are some photos that show how it’s done.
Chain 2. Insert hk into 2nd ch from hk.
YO and pull up lp. Insert hk under 2 strands shown.
YO and pull up lp to make 3 lps on hk.
…and pull thru all lps and continue with next sts in pattern.
Give this a try and let me know how you like it!