The first useful site, at About.com recommended WD 40 and Rubbing Alcohol.
The second site - and what a treasure trove of cleaning product information - is alwaysbrilliant.com - which recommended the much better smelling GooGone which I will be trying first. I'll let you know if I ended up having to put stinky WD40 on my cashmere blanket. Maybe I'll use it on my son's sweat pants so he doesn't end up smelling like a giant orange, but more manly, like he just fixed something really big that required a can of WD40.
2 days later: After two more days of procrastination I was successful today rescuing my old blanket (an old cashmere blanket my mother gave me 32 years ago when I left home) Neither the WD40 nor the GooGone worked, but the rubbing alcohol!!! dissolves the putty and it just disappears. Just don't add water during the process - it makes everything gooey again.
And here is the history of Silly Putty. Silly, but true. Especially since everyone who bought it, could have made it at home -
How To Remove Silly Putty From Carpet
From About.com/Barbara Whiting,
Your Guide to Stay-at-Home Parents.
Kids love Silly Putty, but it can make a big mess on carpets. But WD-40 will quickly and easily remove this sticky mess.
Time Required: 20 minutes
1. Scrape off any excess Silly Putty with a butter knife.
2. Spray with WD-40 and let sit for about 10 minutes.
3. Repeat steps 1 and 2 as necessary.
4. Blot with rubbing alcohol until stain is removed.
1. WD-40 is a lubricant and cleaner found in most grocery, automotive and hardware stores.
2. Always test cleaners in inconspicuous area first.
3. Use in well-ventilated area.
What You Need:
* Rubbing Alcohol
* Butter Knife