I’m calling this the “Mountain 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.

Yarn over…

…and pull thru all lps and continue with next sts in pattern.

Give this a try and let me know how you like it!