Pre-heat an outdoor grill to medium heat and lightly grease grill grate. Wash wings and pat dry with a paper towel. Season the wings with cayenne pepper, salt, and black pepper.
Place chicken wings onto the grill and cook the wings until the internal temperature has reached 165 degrees (about 20-30 minutes depending on the size of the wings). Brush the wings with a ½ cup of the honey while they are cooking.
In a small sauce pan melt the butter over low heat (you can also melt it in the microwave). Pour the butter into a large bowl and mix in the remaining ½ cup of honey and the hot sauce. Remove the wings from the grill and immediately toss them in the hot honey butter sauce to coat. You can serve them like this or return them to the grill and cook 1 minute per side to set the sauce.