Stewart Lee jokes in his show that he goes in and out of fashion in seven-year cycles. Having peaked when he co-wrote Jerry Springer: The Opera, he calculates that he is on the slide but there is no sign of any slippage in this polished gem of controlled, consummate comedy.

The title, 41st Best Stand Up Ever, is inspired by the comedian's position in a recent C4 poll. He mocks the poll, mocks poll pundit Stuart Maconie and generally mocks dumbed-down Britain. Out of bitterness at being misunderstood, but also out of despair at the fact that Del Boy falling over is considered a work of comic genius.

Lee naturally aims higher than the mainstream. He recalls how his naive mother prefers Tom O'Connor, how he tried to do observational gags from the perspective of a fly ("Who's ever killed a grasshopper?") and delivers his views on the Big Brother racism controversy. This latter riff should feel tired but he brings fresh insights to stale headlines.

After two decades of funny business Lee - increasingly resembling a squashed Albert Finney - has the confidence to let his banter breathe. Entire careers could rise and fall during his pauses. He puts particular emphasis on repetition, lingering on banal phrases and asides until they are hilarious. He also uses the venue well, prowling up the aisle for a rant.

Maybe he is too patronising. Maybe popping a cuddly toy on his head is too uncharacteristically twee. Yet this show will make you laugh and also think. If you see only one comedian this month see Frank Skinner, who, despite Lee's elitist views, brilliantly proves that mainstream stand-up can be clever. But if you see two, make the second one Stewart Lee.

• Until 23 December. Information: 0870 429 6883. www.sohotheatre.com.