With just one tool - well, don't count the lathe on which I turned the candlestick - you can create a lovely basketweave pattern.
You don't have to stick to a turned object; this pattern could be adapted to a coaster, say, or around the edge of a box. (In which case use the chisel to make the 'stop cuts' that I cut on the lathe.) Also, there are other sorts of 'basketweave': herringbone, for example.
In this lesson I demonstrate the 2 vriations: when the weave is along the grain and when across it. Draw out carefully first and practise on a spare piece of wood to get the tool and cuts right. I used Limewood, for the colour.
The tool? A carving chisel: #1 x 1/2in (14mm).
Candlestick dimension? Length: 19 3/4in (500mm) Top diameter: 3 3/4in. (94mm) Bottom diameter 4in. (100mm)