On the very edge of the pier at Manhattan's busy South Street Seaport, overlooking the choppy waters of the East River, a circular tent beckons to theatergoers with antique signs, ornately stained windows and brash lights. Step right up and see the show.

But adults only, please. This is nothing like your kid's circus.

It is the return engagement of "Absinthe," the irresistibly funny and decadently sultry cabaret making its third-straight summer appearance here in the Spiegeltent.

Upon entering, it is easy to be charmed by the vintage appeal of this mirror-speckled, 350-seat temporary venue. What makes this small, dreamlike space more inviting is its intimacy. A tiny circular stage forces performers to explore the vertical space above it and, at times, spill into the audience that snugly surrounds it.

The program features an international and eclectic ensemble of entertainers that amaze and amuse with a variety of acrobatics, contortions, feats of strength, seductive burlesque and -- oh, yes -- song and dance.

"Absinthe" is hosted by a wildly crass master of ceremonies who goes by the name "The Gazillionaire" and his sweetly naive but equally raunchy assistant Penny. The hilarious duo introduce the acts and provide an abundance of laughs in between, displaying a knack for improvisation and an affinity for audience participation.

One of the show's most memorable highlights is an innovative and entrancing burlesque routine by Julie Atlas Muz, during which she climbs inside a large, inflated balloon.

In another act, a British roller-skating duo known as The Willers test the limits of centrifugal force, and the frightfully tiny stage, spinning together in a frenetic blur of black polyester and 16 wheels.

The beautiful, Ukrainian-born Anya performs intricately choreographed and hypnotic dance routines, elegantly contorting in ways that don't seem possible.

The biggest ovation at a recent performance went to the Brothers Anastasini, a young man and boy who execute jaw-dropping gymnastic feats with contagious enthusiasm.

Other numbers fall short in this production, which runs less than two hours with one brief intermission. Certain less savory musical selections detract from the show's otherwise strong sense of style and the glaring absence of live accompaniment is disappointing.

What a variety show may lack in cohesive theme, "Absinthe" makes up for in its theatrical spirit, sense of humor and a near-constant "wow" factor. Simply put, it is good, not-so-clean fun.

It is part of a larger event known as Spiegelworld, a Ross Mollison production, that occupies the outdoor space around the tent with a restaurant, bar, dance floor and concert series -- all set under spectacular views of New York's bridges. This year, there is a second Spiegeltent housing a new show, "Desir," which opens next week.

Spiegelworld is in full swing until Nov. 2, when this traveling circus will pick up and move on to its next stop -- Miami.