Fill a cocktail shaker or small pitcher with ice cubes. Add the gin, vermouth, tomato water, vegetable juice, and a healthy squeeze of lemon juice. Add a couple drops of Pernod if desired--it adds a nice background flavor, but more than 1 or 2 drops will overpower the drink. Season with salt, pepper, and a dash of hot sauce.
Cover and shake vigorously until mixed and chilled, about 30 seconds. (In general, the drink is ready by the time the shaker mists up.) Strain into a chilled cocktail glass. Add the olive, tomato, and onion garnish. Drink.
1 1/2 ounces gin
1 teaspoon dry white vermouth
3 ounces Tomato Water, recipe follows
2 tablespoons tomato based vegetable juice (recommended: V-8)