Cut squash in half lengthwise; remove and discard seeds. Place squash, skin sides down, in a 13- x 9-inch baking dish. Place 1 Tbsp. butter and 1 tsp. honey in the cavity of each squash half; sprinkle squash evenly with salt and pepper. Add water to baking dish to a depth of 1/4 inch.
Bake, covered, at 400° for 30 minutes; uncover and bake 15 more minutes or until squash is tender.