This little flow of movement is an awesome way to warm up and loosen your hips and knees. It lengthens your internal and external hip rotators and when you begin to progress it you can start to involve the hip flexors, quads and glutes too...
Start sitting on the floor with your legs, both at 90degrees at the knees, out in front of you. This is called the 90-90 position from which a variety of other hip stretches can be performed. Check out the video below to see the exact position I'm talking about because its complicated to describe.
The first step is to fold the legs over from one side to the other. Try it without any hands on the ground. This is seen later in the video. When you can manage the leg folding to both sides with no hands you could progress by stepping into a lunge position before returning the way you came and repeating on the other side.
If you want to progress it further try rotating your leg under your body as opposed to doing the leg folding movement to change the emphasis. Just give it a go and see how you do. If your knees hurt, stop and try a simpler version...
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