I make mine about the size of the one on your OHT. Except I do not have mine attached like yours. I complete the lanyard unattached then run the loop though the ring and the coiled noose through the loop. That way, I can remove it easily if I am using my knife in a more dirty fashion and my lanyard stays cleaner.
Also, I find having a little extra length to the lanyard is handy because I have actually used the cordage for various things including impromptu field repairs as well as for hanging a pinata at a child's party when the dad didn't have anything to hang it up with. When it is done. it is easy to put it back into a noose and back on the knife.