While bartenders in other cities have complicated the Sazerac by using a combination of spirits [us included - Difford's Sazerac recipe], in New Orleans...
My preferred measures:
2 shots Rye
1/2 shot simple syrup
1/2 shot water
4 or 5 dashes Peychauds bitters
Absinthe.
Stir the rye with water, simple syrup and bitters with ice. Coat the inside of a ice chilled glass with Absinthe. Pour out the extra Absinthe and pour in the drink. Squeeze a lemon peel and drop in the glass to serve.