Preheat oven to 375 and lightly grease a muffin pan. Add water, yeast, and honey to the bowl of a stand mixer fitting with a dough hook and stir to combine. Allow to rest for 5 minutes (mixture will rise and foam).
Add flour and salt to bowl. Turn the mixer on low and allow to mix until ingredients come together, then increase mixing speed to medium-low for 5 minutes. Remove dough from bowl and allow to rise for 10 minutes on a lightly floured surface.
While dough is rising, prepare the filling by whisking together sugars in a bowl.
Use a floured rolling pin to roll dough into a 9x15 inch rectangle. Use a pizza cutter to trim off the sides if it isn't perfectly rectangular. Spread softened butter over the surface of the dough. Sprinkle cinnamon-sugar mixture over the butter.
Tightly roll one 15-inch side (the long side) of the dough toward the other 15-inch side to create a long log. Pinch the seam so it closes off the log. Use a very sharp knife or a pizza cutter to cut the ends off and then to cut the log into 24 equal parts. Place each cinnamon roll in the greased muffin tins. Bake 15-20 minutes until golden brown.
While cinnamon rolls are baking, prepare the frosting. Cream together butter and cream cheese. Mix in the vanilla. Gradually add powdered sugar and mix until combined. Add milk 1 tablespoon at a time until frosting reaches a spreadable consistency. When cinnamon rolls are finished baking, drizzle or spread frosting over rolls and serve.
Store in airtight container at room temperature up to three days.