2 ounces gin
3 dashes of bitters
Garnish with a twist of lemon peel

Stir the gin and bitters (traditionally Angostura, but Peychaud's also works) in a cocktail glass, and garnish with lemon peel. This is generally served without ice, but you may want to chill the gin in the freezer. The British occasionally add water or a splash of soda.

Recipe stolen from http://www.chow.com/recipes/10285 and http://en.wikipedia.org/wiki/Pink_Gin