Heat olive oil in a large pot over high heat. Cook and stir squash in hot oil until completely browned, about 10 minutes. Stir onion, butter, sea salt, and cracked white pepper into the squash; cook and stir together until the onions are completely tender and beginning to brown, about 10 minutes.
Pour chicken broth and honey over the mixture; bring to a boil, reduce heat to medium-low, and cook at a simmer until the squash is tender, about 5 minutes.
Pour the mixture into a blender no more than half full. Cover and hold lid in place; pulse a few times before leaving on to blend. Puree in batches until smooth.
Stir cream, nutmeg, salt, and ground white pepper into the soup to serve.