You can make the sleeves and body as long as you want; it is available as a free pattern on http://www.ravelry.com/ and is called the "Anthropolgie Inspired Capelet" by Julia Allen. I used one and a half skeins here.
I have now cast one on for myself with Noro Kochoran. I was hoping to have it finished by tomorrow, but as I am only on the neck, I think not!