In a 1-quart saucepan, mix honey and water. Heat about 2 minutes over medium-high heat, stirring constantly until honey is dissolved. Remove from heat; and set aside 1 hour to cool.
Pour syrup into glass jar. Cover jar; refrigerate until ready to use. Makes about 1/2 cup.
Cocktail: Add the bourbon, orange juice, honey syrup, lemon juice and bitters to a cocktail shaker filled with ice; shake well.
Pour into a cocktail glass. Top with Champagne. Garnish with an orange twist.