Peel pears, leaving stems intact. Cut a thin slice from bottom of each pear, allowing pears to stand.
Combine sherry, honey, and cinnamon stick in a large Dutch oven. Add pears and water to cover. Bring to a simmer over medium heat. Simmer 45 to 50 minutes, or until pears are tender. Remove pears from Dutch oven with a slotted spoon. Chill.
Bring sherry mixture to a boil, and boil until mixture is reduced to 1 cup (about 20 minutes). Chill. Serve sauce with pears. Garnish each serving with a cinnamon stick.