Your sim and another sim both have to have a drink in their hands for the option to be available, and the active sim needs to be at least young adult. If one sets their drink down on a table or the bar between drinks, you can't do it, so you have to be observant and quick. Have two or more sims chat, then make drinks for everyone. I use two of my playable sims for this, and have them take their drinks to an open area away from the bar. I find that makes it easier as they hold their drinks for longer. The option to make a toast then shows up in the interaction pie menu when I click on the second sim.
I'm not sure if there are also relationship requirements for the option; the sims I've had do it were all friends already.