Preheat an outdoor grill for medium heat and lightly oil grate.
Wash the wings well and pat dry with paper towel. Season the meat with cayenne, salt, and pepper.
Cook the chicken wings on preheated grill until cooked through and juices run clear, 20 to 30 minutes depending on the size of the wings. Brush the wings liberally using 1/2 cup of honey while they are cooking.
Melt the butter, pour into a large bowl and mix in the remaining 1/2 cup of honey and hot sauce. Remove the wings from the grill and immediately toss them in the hot honey butter sauce to coat. Serve the wings 'wet' or return them to the grill for 1 minute per side to set the sauce.