Coat the bell pepper in olive oil and set aside. Remove butter from the fridge to soften.
Roast the pepper until completely charred and softened inside (about 10 minutes). This can be done over a fire pit, gas grill, or under the oven broiler—turning occasionally for even charring.
Allow the pepper to cool, then peel and chop into small pieces. (Tip: place it in a covered bowl to steam for 5 minutes—the steam helps the skin slip off easily.)
Combine softened butter, chopped roasted pepper, and honey in a bowl. Blend with an immersion blender or pulse in a food processor until smooth.
Transfer to a serving dish and drizzle with additional honey.
Notes
Store leftovers in an airtight container in the fridge for up to 5 days. Bring to room temperature before serving.