A tomato juice based drink and a close cousin (or bastard cousin, depending on whom you ask) of Spicy Hot V8.
It's your basic V8 juice with what seems to be Jalapeño pepper essence added, along with (in my opinion) much too much sweetness. The sweet aftertaste doesn't do well with the slight (but pleasant) bite of the Jalapeño.
The can states 'mild' flavour, implying that you may also be able to get it in other heat levels. This appears to be a rouse as I have not been able to find anything besides the 'mild' version.
If I hat to define a relationship between Picante and Spicy Hot, I'd have to go with the sentament that V8 Picante is the wussy version of the more aggressive Spicy Hot V8. This is okay, since not everyone likes having their throat burned by tomato juice. I do, however, and so Picante leaves me feeling limp.