Chill an Old Fashioned glass or small tumbler in your freezer.
In a mixing glass, combine sugar, Peychaud’s Bitters, and a few drops of water. Mix until sugar is dissolved, and add rye. Add plenty of ice, and stir for about 30 seconds.
Pour Herbsaint, pastis, or absinthe into your chilled glass, and rotate glass until the inside is well coated; discard the excess. Strain the liquid from your mixing glass into the serving glass. Twist a piece of lemon peel over the drink.