When a cock starts dripping sweet-and-sour sauce out of the mushroom tip. An STD that is caused by having sex with a woman who has had a dirty cock bust a nut inside her sugar walls.
Bob: "Man, that sex last night was great but my cock has started leaking all kinds of sauce."
Kevin: "Man, you got yourself some of that HONEY DICK!"
The flattering name used to describe your dick when you add honey to your dick and have a girl lick/suck it off, making it taste sweeter when your dick goes in her mouth.
Steve put honey on his dick. Now someone has to lick his honey dick.