Preheat the oven to 300 degrees. Pour the honey and hot sauce in a small pot over medium heat and bring up to a simmer. As soon as it begins to bubble, turn off the heat and stir in 4 tablespoons of butter until melted. Set aside.

Heat the oil and remaining tablespoon of butter in a large pot over medium high heat. Add the popcorn kernels, give the pot a shake, then cover and turn the heat down to medium. Wait for the kernels to begin popping and give the pan a shake every so often to help the process along. Once the kernels begin to pop, crack the lid open a tiny bit to allow some steam to escape.

Once the popping slows to a few seconds between pops, remove the lid and pour the buffalo sauce all over. Stir until all kernels are evenly coated with sauce, then transfer to a baking sheet and spread out into an even layer. Bake for exactly 10 minutes, remove from the oven and let cool. Serve warm.