2 fluid ounces of a Spanish-style white rum
(recommended: Bacardi Superior¹)
1 fluid ounce of fresh lime juice
½ fluid ounce of pomegranate grenadine
There was originally not much distinction between this drink and the Daiquiri, however eventually it came to be that the Bacardi Cocktail used grenadine and not syrup.
In New York, it was determined that legally a Bacardi Cocktail must be made with Bacardi. Also, the Bacardi Cocktail benefits from a silver, highly-rectified rum, more so than the Daiquiri, on account of the desired pinkish-red color.