Mint Julep and Animal Cruelty

Some say the Kentucky Derby is nothing but animal cruelty, pumping horses full of drugs like the Tour de France peloton. But the race does serve to fulfill one very important social function: keeping the Mint Julep alive.

What's the best way to make one? I am investigating:
Do I make minted simple syrup? Make a mint infused bourbon? And what's the deal with the ice? Where can I get shaved ice? Am I supposed to get an old-timey straight blade and a block of ice and shave away like some 1880's barber?

I am investigating. See Drinkboy's mint julep article

I may try Maker's Mark's "Perfect" Mint Julep recipe:

1 liter Maker’s Mark
Lots of fresh spearmint leaves
1 cup Distilled water
1 cup Granulated sugar
Powdered sugar for garnish
Mint sprigs for garnish

1. To prepare the mint extract, remove about 40 small mint leaves – wash and place in a small mixing bowl. Cover with 3 ounces of Maker’s Mark. Allow the leaves to soak for 15 minutes. Then gather the leaves in a clean, soap-free piece of cotton cloth and vigorously wring the mint bundle over the bowl of whisky. Dip the bundle again and repeat the process several times. Then set aside.
2. To prepare the simple syrup, mix 1 cup of granulated sugar and one cup of water in a cooking pot. Heat to dissolve the sugar. Stir constantly so the sugar does not burn. Set aside to cool.
3. To prepare the mint julep mixture, pour 3 1/2 cups of Maker’s Mark into a large glass bowl or glass pitcher. (Pour the remaining whisky from the liter bottle into another container and save it for another purpose). Add 1 cup of the simple syrup to the Maker’s Mark.
4. Now, begin adding the mint extract 1 tablespoon at a time to the julep mixture. Each batch of mint extract is different, so you must taste and smell after each tablespoon is added. You may have to leave the room a time or two to clear your nose. The tendency is to use too much mint. You are looking for a soft mint aroma and taste – generally about 3 tablespoons.
5. When you think it’s right, pour the whole mixture back into the empty liter bottle and refrigerate it for at least 24 hours to "marry" the flavors.
6. To serve the mint julep, fill each glass (preferably a silver mint julep cup) half full with shaved ice. Insert a sprig of mint and then pack in more ice to about an inch over the top of the cup. Then, insert a straw that has been cut to one inch above the top of the cup so the nose is forced close to the mint when sipping the julep.
7. When frost forms on the cup, pour the refrigerated julep mixture over the ice and add a sprinkle of powdered sugar to the top of the ice. Then serve.