Pour the orange juice into a small saucepan set over high heat, and then whisk in the honey. Allow the juice and honey to boil until reduced to 1 cup. Meanwhile, measure the gelatin into a small bowl and pour cold water over it, allowing it to soften until it takes on the consistency of applesauce.
Once the mixture of honey and orange juice forms a viscous syrup, and is reduced to 1 cup, whisk the gelatin into the syrup until it completely dissolves. Remove it from the heat and allow it to cool to room temperature.
Pour the cooled orange syrup into a blender. Drop in the egg yolks, and then pour in the milk and orange and vanilla extracts. Blend until combined, about 20 to 30 seconds.