Add the blueberries and honey to a small saucepan and place on medium heat. Bring to a boil, then reduce to a simmer for 6 to 8 minutes. Stir frequently.
Pour sauce into a small bowl and refrigerate until completely chilled.
In a separate bowl, whip the whipping cream until stiff peaks form, then refrigerate for about 15 minutes. If you have a metal bowl that you can chill slightly before hand, that works great for this part.
In a medium bowl, whip the cream cheese until smooth. Then add the whipped cream to the cream cheese and continue to whip until completely combined and stiff.
When blueberry mixture is chilled, put it in a blender and blend until smooth.
Add the blended blueberry mixture to the cream mixture and whisk until fully combined.
Refrigerate for at least 15 minutes before spreading on cupcakes or other baked treats.
The prep time includes all of the cooling and refrigerator time. I would not use frozen blueberries because they will make the frosting watery.