I believe that is a "Cap, insulating, helmet liner," ... at least, it looks similar to one I am currently selling on eBay, which dates to the same period and is also a US military garment (unissued, purchased from an Army Surplus store years ago).
I believe the common term for them is a 'cap comforter' - I have a (West) German ex-issue one that I dyed black, great for outdoor situations like an NYC street in mid February! I imagine for those who camp and/or hunt in the colder months, it is a very practical garment indeed. I know that On those occasions when I wear mine I very much appreciate the flexibility it offers between full head/neck protection and folding up to just a cap, by way of all points in between.
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