A novel molded foam pool float (10) and ottoman (12) are formed of a continuous form of semi-rigid, pliable foam of constant density. The pool float (10) has an elongate shape which partially circumscribes a user, having an enclosed end (24) with a headrest (38), two arms (26, 28) symmetrically extending from opposite sides of the enclosed end (24), and an open end (30) disposed between ends (34, 36) of the arms (26, 28). The headrest (38) extends upward from the enclosed end (24), above the arms (26, 28) to provide both a headrest and a chin rest, depending upon the orientation of the pool float (10) to the user. The upper surfaces (58, 60) of the arms (26, 28) are preferably recessed beneath respective sides of the arms (26, 28) and have a pebbled texture. Void recesses (72, 74, 76) are provided in the lower side (16) of the pool float (10) for trapping air to provide enhanced flotation and reduce the unit costs of the foam for the pool float (10).