Combine all ingredients except the Cognac and vanilla in a large Dutch oven.
Bring to a low simmer, stirring until the sweetener dissolves and incorporates.
Remove from heat; add Cognac and stir in vanilla.
Serve warm ladled into mugs or punch cups.
Garnish with orange wheels.
Serves 6 to 8
*Sub with Grand Marnier for a Cognac-based liqueur or Licor 43, a Spanish liqueur with vanilla and citrus notes.
Pro tip: Double recipe for larger gatherings and if it hasn’t disappeared, funnel portions of the batch back into wine bottles and cork. Send guests home with a bottle or chill for the next day.