If this potholder really only need two hours to complete it is the perfect last minute gift :)
But if you have to make your own loom before it could take a little more time ;-)
By the way: there are more potholders here in the blog and some of these are also quickly made :)
Links:
Two Hour Potholders
Here at unikatissima:
Make Your Own Knitting Loom
=> in the instruction presented there they also explain how to knit with it
Entries containing the word ‘potholder’