Source : Webster's Revised Unabridged Dictionary (1913)

Wassailer \Was"sail*er\, n.
   One who drinks wassail; one who engages in festivity,
   especially in drinking; a reveler.

         The rudeness and swilled insolence Of such late
         wassailers.                              --Milton.

Source : WordNet®

wassailer
     n 1: someone who enjoys riotous drinking [syn: {carouser}]
     2: someone who proposes a toast; someone who drinks to the
        health of success of someone or some venture [syn: {toaster}]