I'm sure there are other patterns, but the one I'm familiar with uses two different tapes, one running in a right spiral and the other in a left hand spiral. Whenever they pass each other, you alternate the over-under to create a diamond weave effect. When finished it'll look sort of like the diamond weave lanyards kids make at summer camp.

It can take a short time to master, and you don't want to waste tape, so either try it leaving the adhesive protective paper on, or better yet buy 2 different color 3/4" ribbons and a length of electrical conduit or thin PVC pipe, and practice until you're comfortable with the technique. Then go to town on your bike.