I have a feeling these 'traditional' gifts are really a trap.
I like you so don't want you being tripped up.
If you chose this route, I'm seeing a nice little package you assemble with the best ideas here...oven mitt, panties, and cotton balls.
Going non-traditionally...just say, "Honey, you mean so much more to me than cotton, I couldn't do it, so I got you some leather stuff (third year) that I think we could both enjoy." You could skip up to wood, too, and get her a butter churning paddle or something like that.
Dolce and Gabana Jeans/T-shirt?