Mix water and sugar in a small saucepan and bring to a boil. As soon as the sugar is dissolved, remove from heat. Set aside to cool.
In a stand mixer or large bowl with a hand mixer, whip butter and margarine until they start to become a fluffy. Then add in the honey, marshmallow cream, and the simple syrup.
Keep whipping it until it’s all mixed together well and has formed a creamy, whipped consistency.
Refrigerate 1-2 hours or until use.