We also tried impregnating cotton balls with potassium nitrate (by dissolving it in water).
Like the other fuels we've tried, cotton is roughly CxH2xOx-e but the 2:1 oxidizer:fuel ratio was harder to assure. So we guessed.
10g KNO3 dissolved in 100ml water, soaked 3 4cm diameter cotton balls (~5g total).
The balls were dried for 5 days at 30% relative humidity, 22° C
They burned, but not impressively (about like regular cotton balls). Slow, smoky, with lots of ash.
Fluffing them helped a little; compressing them didn't do much.