An old British friend (Welsh, actually) gave me this recipe for Wassail, but it's not alcoholic, which is kind of surprising, seeing that he's Welsh.
I suppose you could add a bit of rum for the adults.
2t. nutmeg (ground with nutmeg grater)
2 sticks cinnamon
Grind up spices with mortar and pestle and put in a teabag. (I never saw these in the US, but they are basically empty disposable tea bags that you can put your own loose tea in... then there is little drawstring to close it up... I guess you could use cheesecloth or tie them up in a coffee filter or some such thing.)
1 litre apple cider (not hard)
juice of 12 oranges
juice of 4 lemons
sugar to taste
Combine liquid, add spice bag and bring up to a simmer. Simmer until taste is to your liking (for me, about 30 minutes and it's good).