Sazerac

2 oz rye whiskey (I use 1 oz Sazerac 6 year rye plus 1 oz Wild Turkey 101 rye)
1 tsp demarara syrup
2 dashes Peychaud's bitters

Combine, stir with ice, and set aside. Coat the inside of a chilled Old Fashioned glass with absinthe or absinthe substitute (Herbsaint or Pernod), and discard the excess. Strain the rye mixture into the coated glass. Twist a lemon peel over the glass; then moisten the glass's rim with the oil from the outside of the peel.  Discard the peel.

For more information, see The Libation Bearers.