How can I restore my HP pool?

In order to reverse the hollowing you need to use the Human Effigy (like you would use a lifegem), not burn it at a bonfire. This means you're able to use the item anywhere, and can save them for right before a difficult boss fight.

As of Patch 1.03, you'll regain a small portion of humanity for helping other players:

Players now receive a small portion of Humanity after successfully assisting in a Multiplayer session instead of regaining full Humanity.

Finally, there is a way to increase your maximum HP when Hollowed:

! The Binding Ring will ensure your maximum health can't go lower than 75% when hollowed. You find this ring in The Cathedral of Blue, right before entering the fog gate. It'll be in a chest to your left at the top of the drawbridge. If you are playing Scholar of the First Sin, then the earliest Binding Ring can be found in Heide's tower of flame right before the dragonrider boss fight, there is a Heide's Knight sitting in front of a chest, tackle him and you will receive the ring from opening the chest.

Turns out you can also reverse hollowing by assisting other players fighting bosses while using a White Soapstone. However it is not a 100% chance. It took 5 fights against the Old Dragonslayer to revive myself one time, and only one fight the next.