Zest one of the oranges and set the zest aside. Working with one orange at a time, cut a 1/4 inch off of the bottom and top of an orange. Stand the fruit cut-side down on a cutting board, and working from top to bottom, cut away the peel and pith. Working over a bowl, cradle the orange in one hand and cut along both sides of each membrane through to the center, releasing the segments into the bowl. (If you can't get whole segments, that's okay.) Squeeze the remaining membrane over a second bowl to release any juices; add the juices that have collected with the orange segments. Repeat with the remaining oranges.
Melt the butter over medium heat in a medium skillet. Stir in the cinnamon stick and a pinch of cayenne and cook until aromatic, about 1 minute. Add the orange juice, zest and honey and bring to a simmer. Cook, uncovered, swirling occasionally, until the liquid thickens to a glaze, about 7 minutes more. Add the orange segments and cook until just warmed. Remove from the heat and discard the cinnamon stick. Spoon over toasted waffles, pancakes or French toast.
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