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Dozens of people sipped the new brew at the launch last night in the Star Brewery Courtyard, where Shipstone's was first brewed more than 150 years ago. Production ceased in 1991.
Mark Fenson, 38, of Radcliffe on Trent, believes the new beer will be a big success.
The beer is being brewed at Belvoir Brewery, in Vale of Belvoir.
Richard Swanwick, 36, of Grantham, said: "It isn't my usual drink but it is good that Shipstone's is back."
He said: "Tastes seem Nike Black Trousers to be changing. More young people seem to be moving away from drinker lagers so hopefully Shipstone's can do well.
The new beer is the work of Nottingham brewery expert Richard Neale and Colin Brown, a former brewer at the original Shipstone's. They have started small, brewing a bottled ale and selling it through pubs and independent distributors in the region.
"I thought 'why not?'" said the 35 year old of Gedling. "I'm too young to have been able to drink it last time around.
"But it is very exciting that it is now back and being brewed again. It tastes pretty good as well."
Mr Neale said: "I'm very pleased that we have arrived at the launch stage now. From here we go on to try to get the brew in as many places as possible. The hard work starts now."
Shipstone's ale relaunched at Old Star brewery in Basford
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"It used to be a really big brand around here so to have it back is great for Nottingham."
As well as being an exceptionally popular beer, the name was emblazoned across Nottingham Forest's shirts Nike Pink T Shirt
The first bottle was poured by Post sub editor Sharon Mitchell, 45, who used to pour pints of it while working at the Tavern pub in Keyworth in 1986 and 1987.
"My grandfather passed away a long time ago but he'd be pleased as well. It is great for the whole of Nottingham that such a well known local brand is being brought back."
Mr Neale, a former employee of global beer giant AB Inbev, bought the rights to the Shipstone's name six years ago and decided 18 months ago to chuck in his corporate job and chase his Shippo's dream.
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