Here is the second version of Buttonhole Picot, TAST stitch #88, which is worked with Chain stitches made in the air. Needle crochetting?
To see how the picots are made and learn more about TAST, go to Pintangle.
They were easier to make and I find them more even in size and shape.
However, I think the Bullion version has an interesting form and are a bit more 'unique'. These yellow and red bundles of Chain stitches could be taken for French Knots, couldn't they? My private musings...