Combine the rye, absinthe, bitters, simple syrup, and 1 cup filtered water in a large bowl or pitcher. Cover and chill for at least 2 hours or overnight. To serve, ladle into cocktail glasses and garnish each with an orange peel.
To make the orange simple syrup:
Combine ½ cup granulated sugar, ½ cup water, and the peel of one orange in a medium saucepan. Bring to a simmer and stir to dissolve sugar. Remove pan from heat and cool completely. Strain syrup through a fine mesh sieve, and discard the orange peel. Refrigerate in a covered container for up to 2 weeks. Makes ½ cup.
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