Ed Speer hit on this lightweight way to ensure that you stay warm in your hammock many years ago. You could make this yourself in a lightweight nylon (eg .7 oz/yd2, such as this: http://www.tiergear.com.au/11/online-shop/argon-67) I don’t need the insulation for my knees as I always sleep on my back in a hammock, so mine would weigh half of the one shown in the photo ie less than a square yard of fabric plus two pieces of Evazote 18″ x 6”, so less than 2 ounces anyway.
https://web.archive.org/web/20060115191541/http://www.speerhammocks.com/Products/SPE.htm
Mind you, I find that a rectangular inflatable pad such as the Big Agnes or Neoair keep the hammock material far enough away from my arms when I sleep on my back so that I have no problem. The minimum I need is a couple of approx 6′ x18″ of blue foam pad which I just tuck into the sides of the hammock after I am settled. There are many more elaborate (and heavier) alternatives for the strong and well-endowed!
See also:
http://www.theultralighthiker.com/side-insulation/
http://www.theultralighthiker.com/diy-netless-hammock/
http://www.theultralighthiker.com/hammock-camping-double-bunking/
http://www.theultralighthiker.com/hammock-hunting-till-dark/
Other hammock related posts:
http://www.theultralighthiker.com/a-hummingbird-in-the-hand/
http://www.theultralighthiker.com/adjustable-hammock-ridgeline/
http://www.theultralighthiker.com/continuous-loop-another-great-hammock-idea/
http://www.theultralighthiker.com/whoopie-slings-what-a-great-idea/
http://www.theultralighthiker.com/side-insulation/
http://www.theultralighthiker.com/hammock-pad-extender/
http://www.theultralighthiker.com/diy-netless-hammock/
http://www.theultralighthiker.com/klymit-hammock-pad/
http://www.theultralighthiker.com/make-your-own-tarp-or-hammock/
http://www.theultralighthiker.com/hammock-camping-double-bunking/
http://www.theultralighthiker.com/hammock-hunting-till-dark/
http://www.theultralighthiker.com/all-in-one-hammock-tent-poncho-backpack-at-1-2-kg/
http://www.theultralighthiker.com/laybag/
http://www.theultralighthiker.com/all-you-ever-need-to-know-about-tarps/
http://www.theultralighthiker.com/tier-gear-catenary-cut-hex-tarp/
http://www.theultralighthiker.com/900th-post/
http://www.theultralighthiker.com/sleeping-pad-reinvented-big-agnes-q-core-slx/
http://www.theultralighthiker.com/modifyingshortening-hiking-mats/
http://www.theultralighthiker.com/catenary-cut-tarp/
http://www.theultralighthiker.com/thermarest-speedvalve/
http://www.theultralighthiker.com/hole-less-ponchoshelter/
http://www.theultralighthiker.com/hammocks/
http://www.theultralighthiker.com/hammock-camping/
http://www.theultralighthiker.com/the-ultralight-deer-hunter/
http://www.theultralighthiker.com/hunting-in-fiordland/