4 

cups apple cider or apple juice

1/4 

cup honey

2 

Tablespoons butter or margarine

1 

cinnamon stick, 3 inches long

1 

teaspoon grated orange peel

1/4 

teaspoon ground nutmeg

1/2 to 3/4 

cup light rum, optional

Juice of 1 orange

Combine all ingredients except rum in medium saucepan and bring to a simmer, stirring occasionally. Simmer 5 minutes. Stir in rum just before serving, if desired.