Once again I would have to direct you to the esteemed Alton Brown.
http://www.foodnetwork.com/recipes/alton-brown/wassail-recipe/index.html
He is my kitchen god.![]()
You know, of all the recipes I have been able to find on-line that is the one I found the most interesting, the one that might end up with the tastiest result

(except -again- I don't like the idea of adding egg to a drink)