In a saucepan over medium-low heat, cook the chili peppers and honey, stirring often, until the honey reaches a simmer.
Reduce the heat to low, then allow the honey and chilies to continue cooking for 1 hour, stirring occasionally.
Remove the saucepan from the heat and allow the honey to cool for 30 minutes.
Pour the honey (chili peppers included) into a jar, then seal and place in the refrigerator.
For best flavor, chill the honey for at least 4 to 6 hours prior to using.