In a coupe glass add the Chartreuse and tilt and turn the glass so the Chartreuse coats the inside of the glass about ¾ of the way up the sides.
In a mixing glass, add bourbon, rye whiskey, cranberry simple syrup, and bitters with ice and stir for about 30 seconds until the contents have chilled.
Carefully light the chartreuse in the glass on fire using a long matchstick or lighter stick. The flame will be very light blue and may be difficult to see so wave your hand over the top to feel the heat if you aren't sure if it is lit. DISCLAIMER: Fire can cause burns and alcohol is very flammable. Use caution when incorporating fire into your cocktails.
You will need to move quickly now. Take your orange peel and holding it with the peel facing the top of the cocktail quickly squeeze it so the zest sprays onto the top of the lit Chartreuse. The zest will spark up slightly for a beautiful presentation.
Immediately pour the contents of your mixing glass into the coup which will extinguish the flame and cool the glass. Optionally, you can take another orange peel and quickly zest it over the top of the drink through a lit long matchstick or lighter stick for dramatic effect.
Add your optional orange wheel for garnish, or twist the zested orange peel and add it in your drink.