Official Cocktail of the Kentucky Derby

Traditionally, mint juleps are served in silver or pewter cups
(which frost better than glass).
Of all the Triple Crown races, the Kentucky Derby seems to have the most engrained sense of tradition. From the Twin Spires atop Churchill Downs' original grandstand, to the University of Louisville's marching band pumping "My Old Kentucky Home," to the winner's impressive garland of roses, everything about the Derby is a steeped brew thick with history. And the mint julep is no different.
Each of the Triple Crown races boasts its own official cocktail, but the mint julep is the only one with staying power. First introduced as the official tipple in 1938, things have remained pretty much the same since. All told, about 120,000 mint juleps are served per year at the race, using more than 10,000 bottles of Kentucky bourbon, 1,000 pounds of fresh mint and 60,000 pounds of crushed ice.
But first, a word on origin… The word julep refers to the drink's sweetness. Stemming from the Persian word gulab—rosewater—juleps were syrupy medicated drinks consumed for a number of maladies as far back at the fourteenth-century. As things often do, the julep evolved to refer to any sweetened, chilled, and diluted alcoholic beverage in the late eighteenth-century, though was still vociferously consumed as a cure-all here in the United States.
As with most old-time cocktails, the true origin of the mint julep is one of mystery. But we do have a rather famous account of the drink, pointing to the debate that still roils today about the cocktail and its proper construction (for a cocktail that is seemingly so simple and straightforward, it certainly enlists vociferous arguments).
In the nineteenth-century, the Great Compromiser himself, U.S. Senator Henry Clay, found himself embroiled in this very debate at the famed Round Robin Bar at the Willard Hotel in Washington, D.C. Kentucky's favorite son and statesman, Clay enjoyed his bourbon, famously shipping a barrel from his home state to use during his diplomatic efforts, something the Henry Clay Center for Statesmanship recreated just this past February in an effort to spur bipartisanship in Congress (good luck with that). As legend goes, Clay, dismayed by British Naval Captain Frederick Marryat's insistence that a mint julep can be made with rum or brandy, roundy dispensed the proper way to construct one, as per his diary (courtesy of the University of Kentucky):
"The mint leaves, fresh and tender, should be pressed against a coin-silver goblet with the back of a silver spoon. Only bruise the leaves gently and then remove them from the goblet. Half fill with cracked ice. Mellow bourbon, aged in oaken barrels, is poured from the jigger and allowed to slide slowly through the cracked ice.
"In another receptacle, granulated sugar is slowly mixed into chilled limestone water to make a silvery mixture as smooth as some rare Egyptian oil, then poured on top of the ice. While beads of moisture gather on the burnished exterior of the silver goblet, garnish the brim of the goblet with the choicest sprigs of mint."
And thus, Clay has been credited with introducing the bourbon-borne mint julep to the District of Colombia.
Mint Julep Official Recipe
Fresh mint sprigs
2 tsp. mineral water, flat
1 tsp. granulated sugar, raw
2 oz. Old Forester bourbon
Cracked ice
In a chilled julep chalice, lightly rub six to eight mint leaves on the inside walls, bruising the leaves slightly; leave the mint in the cup (you can also muddle the mint, but delicately). Fill the cup two-thirds of the way with cracked ice; slowly add bourbon, allowing it to trickle through ice. In a separate mixing cup, combine water and sugar, stirring until mostly dissolved; add to julep cup. Stir with a bar spoon until cup frosts—no more than 60 seconds. Top with more cracked ice and a sprig of mint for garnish.
The Old Forester Mint Julep Recipe
from http://www.kentuckyderby.com/
This recipe makes a mint syrup.
2 cups sugar
2 cups water
Sprigs of fresh mint
Crushed ice
Old Forester Straight Bourbon Whisky
Silver Julep Cups
Make a simple syrup by boiling sugar and water together for five minutes. Cool and place in a covered container with six or eight sprigs of fresh mint, then refrigerate overnight.
Make one julep at a time by filling a julep cup with crushed ice, adding one tablespoon mint syrup and two ounces of Old Forester Kentucky Whisky. Stir rapidly with a spoon to frost the outside of the cup. Garnish with a sprig of fresh mint.