This exercise is a little more complicated than the ones you seen so far in this series. We will still be using only the thumb and forefinger, and we will only be playing on two of the strings. The pattern is a bit more complicated:
As with any drill, start slow - speed it up - get comfortable with it - get bored of it - and then move on. As long as you do a bit of it, day after day, your picking hand will quickly be acquiring the skill it needs to play cool finger-picking stuff in real songs in the real world.
Come back to this drill when you're practicing. You do well to include any drill in your practicing until you find it so easy it puts you to sleep. Soon you will be exploring songs that use the fundamentals you learned in the (boring) drills, and your skills will develop from there.
Next, we'll drill on a really really irregular-looking pattern.