Varsity letter winners at the University of Wisconsin received the following awards (at least from 1979-1983):
Letter Sweater (one year): Never worn--way too "Richie Cunningham" for 1980. Not cool at the time. Name embroidered inside. The W is white and crisp. The AD is going to wear this to school sometime this year!
Letter Jacket (two years): Very cool to wear (football dudes wore 'em) and very functional in Madison, WI.
Letter Blanket (three years): Just a very cool wool blankie.
Ring (four years): Nice, but isn't as cool as the big W stuff, IMHO. Boring pic.