Watch the Banjo 2 online guitar lesson by Joe Dalton from 50 Country Guitar Licks You MUST Know
This one is even better as a pick and finger introductory exercise. It has some of the standard bluegrass hammer-ons. I will move this idea to other keys using barres. It falls right into the major pentatonic fingering we know. This facilitates jumping in and out of this lick into other melodies.