[arfarfarf]

Make two round patterns. One the outer dimension of the lid and the other the inner dimension. Rough cut the round lid with a band saw, jig saw or even make a jig for the table saw or band saw. Double side tape the large pattern to the rough lid and use a pattern bit to finish the outer cut then use a round over bit to finish the outside of the lid. Remove the large pattern. Install the small pattern on the underside of the lid using double side tape. Use a rabbiting bit to recess the inner edge--be very careful the bit will want to grab the piece and fling it or grab your fingers. If you have a rabitting bit that has interchangeable bearings you can make the recess incrementally. Or, to recess the inner edge make a jig for the table saw. You can make one for it laying flat on the saw or vertically and make the recess using a dado blade. Raise the blade incrementally.