Pour the red wine and water into a large saucepan.
Add the honey or sugar, cinnamon sticks, cloves, orange peel, and lemon peel.
Over low heat, warm the mixture, stirring constantly, but do not let it boil.
Let the flavors meld for 10-15 minutes, then strain the mulled wine.
Serve warm, garnish with an orange slice, and enjoy the festive flavors.
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