Combine the vermouth, bourbon and bitters with 2-3 ic cubes in a mixing glass. Stir gently, dont bruise the spirits and cloud the drink. Place the cherry in a chilled cocktail glass and strain the shiskey mixture over the cherry. Rub the cut edge of the orange peel over the rim and twist it over the drink to release the oils but dont drop it in.
A variation is to leave out the bitters and or use a twist of lime for the cherry and orange. Hold the lime twist in a lighted match over the drink and then drop it in. The heat really zips up the lime flavor.