Bring water and 1/2 teaspoon salt to a boil. Add grits, butter, and garlic, stirring with a whisk. Reduce heat and simmer, uncovered, for 5 minutes. Remove from heat; stir in red pepper.
While grits cook, heat a large nonstick skillet coated with cooking spray over medium-high heat. Sprinkle pork with 1/4 teaspoon salt and black pepper. Add pork to pan; cook 4 minutes on each side or until done. Remove from pan. Stir in vinegar and honey, scraping pan to loosen browned bits. Bring to a boil; cook 1 minute or until thick, stirring constantly with a whisk. Return pork to pan; turn to coat. Serve pork and sauce over grits.