For the batter, mix together the yeast, 1/2 c of warm water, and the sugar. Let mixture rest for 5 minutes or until it is foamy. Stir in the remaining batter ingredients, including water, until smooth. Cover the bowl loosely with plastic wrap and let batter rise for 1 hour.
While the batter rises prepare the honey syrup. Mix all ingredients together in a large saucepan and slowly bring to a boil over medium-high heat, stirring only until the sugar dissolves. Lower the heat and boil the syrup for 5 minutes. Remove from the heat and set aside to cool.
When the batter has risen, stir it down. Heat oil, about 1 1/2 inches deep, in a large pan until it is very hot, about 375 degrees. Dip a teaspoon into the oil, and then use the spoon to scoop up some batter and gently slide batter into the oil. The batter will quickly puff up to almost twice its original size. Continue making puffs but do not crowd the pan. Turn puffs with a slotted spoon until they are browned on all sides and very crisp.
Drain them on paper towels or a wire rack, then drop them into the cooled syrup to coat. Let the excess syrup drain off. Sprinkle the puffs with cinnamon and serve immediately.