Review:

Bone dry with faint anise and liquorice notes from the absinthe.

Variant:

Tuxedo "Original" - equal parts (1½oz/45ml) old tom gin and (1½oz/45ml) dry vermouth with 2 dashes maraschino; 1 dash absinthe; 2 or 3 dashes of orange bitters.
Tuxedo No. 2 (Savoy & Duffy's recipe) - equal parts dry gin and dry vermouth with maraschino, orange bitters and absinthe.
Tuxedo No. 3 (Lowe & Straub's recipe) - two-thirds dry gin to one-third dry vermouth with sherry, maraschino, absinthe and aromatic bitters.
Tuxedo No.4 (AKA Tussetto) - two-thirds dry gin to one-third dry sherry with orange bitters.
Tuxedo (Difford's recipe) - as per the "Original" but with dry sherry and some balancing sweetness by splitting dry and bianco vermouths.
Flora Bar's Tuxedo No.2 - in an absinthe-rinsed glass with dry gin, bianco vermouth, maraschino liqueur and orange bitters.

History:

Adapted from recipes in The Savoy Cocktail Book (1930) by Harry Craddock and The Official Mixer's Manual (1934 & 1940) by Patrick Gavin Duffy.
Adapted from a recipe in Harry Craddock's 1930 The Savoy Cocktail Book.

TUXEDO COCKTAIL. (No. 1.)
1 Piece Lemon Peel.
2 Dashes Absinthe.
½ French Vermouth.
½ Dry Gin.
Shake well and strain into cocktail glass.

Harry Craddock, The Savoy Cocktail Book, 1930

Tuxedo Cocktail No. 1
1 Piece Lemon Peel
2 Dashes Absinthe
1/2 French Vermouth
1/2 Dry Gin
Shake well in ice and strain into glass.
Use glass number 1 [Nick & Nora]

Patrick Gavin Duffy, The Official Mixer's Manual, 1934

Also see: Tuxedo cocktail history