1 quart 3% hydrogen peroxide
1/4 cup baking soda
1 teaspoon liquid hand soap (DAWN will work)
Instructions: Mix ingredients together. Use mixture immediately. (As you can imagine with peroxide and baking soda, it's a little unstable but that is what makes it effective---the oxidation reaction.) Do not put mixture in a closed container. Work the mixture into your dogs's fur and skin (or your own skin), keeping the liquid out of eyes, ears, nose and mouth. Rinse with cool water. For a medium size dog, two or three batches may be necessary to get full coverage. As some of you know tomato juice only masks the smell and you may actually think that the smell is gone when in fact it is a phenomenon known as olfactory fatigue and any newcomer will be able to discern the skunk scent right away.
From an article in PDJ by Ben Williams