This is somewhat inspired by the ballet move arabesque. I think there might be other names of this move, or other variations under this name, but this is the one I was taught.
Easiest, although maybe not the prettiest, way to get into this shape is from sitting in the hoop. Hold on to the top with your arms and put your feet on the bottom bar. Then flip one foot over so that you’re resting the top of it on the bar. Take the other foot forward and extend.
To come back, pull up with your arms to get back the way you came in.
This is the closest video I’ve found, although in class we’ve usually had the top of the foot on the hoop instead of the thigh: