I love LOVE this scarf and I am not a scarf-knitter. (hate them. why? no clue. Just hate knitting them.) But I love this one!
Bamboo? Silk? A really soft shiny cotton? Something slick and shiny and drapey, methinks, if you want to make it in the spirit of the original. Plus, something slick and shiny and drapey would make dropping the stitches easier.
But I bet you could make a really interesting winter version in a merino or alpaca or woolish blend--just not too thick! A sock yarn? A fine wool? But soft and not itchy.
What am I going to make this scarf in? Well. IF I ever get to knitting it, I have some really lovely soy silk that would be perfect. But that's IF I get to knitting it....