Sazerac is the official cocktail of New Orleans, and a perfect choice for celebrating Mardi Gras!

Rinse a rocks glass with absinthe, pouring out excess liquid, and set aside. In a mixing shaker, muddle the sugar cube, water and both bitters. Add the cognac and rye and fill with ice, and stir until well-chilled. Strain into the absinthe-rinsed glass. Twist a slice of lemon peel over the surface and then discard.