man zshall and search for PROMPT EXPANSION
After reading the existing answers here, several of them are conflicting. I've tried the various approaches on systems running zsh 4.2 and 5+ and found that the reason these answers are conflicting is that they do not say which version of ZSH they are targeted at. Different versions use different syntax for this and some of them require various autoloads.
So, the best bet is probably to man zshall and search for PROMPT EXPANSION to find out all the rules for your particular installation of zsh. Note in the comments, things like "I use Ubuntu 11.04 or 10.4 or OSX" Are not very meaningful as it's unclear which version of ZSH you are using. Ubuntu 11.04 does not imply a newer version of ZSH than ubuntu 10.04. There may be any number of reasons that an older version was installed. For that matter a newer version of ZSH does not imply which syntax to use without knowing which version of ZSH it is.