I lick the cap, use a small punch (usually a .22 cartridge), and turn it in one direction only.
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I am liking the guillotine cut first, then the punch. My lighter has a pop out punch cutter so I'm able to carry both easily.
Xikar punch is the first thing i reach for.
It's a Guillotine or V for me depending on the cigar, and mood.
Right now, my Xikar VX gun-metal cutter rules the world. I got one for Christmas after I lost my Xi1, so I've been down to that and a CC Perfect cutter. Even after I break down and buy a new Xi1, I'll probably stick with the the v-cut for awhile.
If I didn't have a Cuban Crafters Perfect cutter, would probably punch or V-cut. But the Perfect cutter cuts just the right amount.