Add the sugar (or honey) and water to a small pot. Heat over medium-low heat until the liquid is hot and beginning to steam. (There is no need to bring the syrup to a boil.)Remove syrup and set aside to cool. (I like to wait at least 10 minutes to avoid adding hot syrup to the drink.)
Store syrup in a glass jar (or airtight container) in the fridge. Use within a month. You should have enough syrup for 8 cocktails.
Old Fashioned Pitcher Cocktail:
In the pitcher:Add an ounce of the simple syrup, 4 ounces bourbon and 4 dashes of bitters to a cocktail pitcher.In chilled rocks glasses:Add ice to each rocks glass. Twist the lemon or orange zest over the glass, then drop it into the glass. (Alternatively, skip the zest and add a candied lemon or orange slice.)Optionally, add a cocktail cherry to each glass.
To serve, pour the cocktail mixture from the pitcher into the two rocks glasses.