Preheat a waffle iron to high.
In a small skillet, heat a drizzle of oil over medium-high. Add the chorizo; cook, stirring occasionally and breaking up with a spoon, until browned, about 5 minutes. Transfer to paper towels to drain.
In a medium bowl, whisk the flour, sugar, baking powder, chili powder, cumin and 1/2 tsp. salt.
In a large bowl, whisk 1 egg and the milk. Whisk in the dry ingredients, then stir in the chorizo, cheese, scallions, jalapeño and cilantro.
Brush the waffle iron with melted butter. Working in batches and using a 1/4- to 1/3-cup measure, scoop up the batter and add to the waffle iron. Cook the waffles until cooked through and crispy, 3 to 4 minutes per batch. (You should have 8 waffles total.)
In a large skillet, heat a bit of the melted butter over medium. Crack in the remaining 4 eggs. Cook until the whites are set but the yolks are still runny, about 3 minutes. Season with salt and pepper.
In a small saucepan, heat the honey over medium until just warmed. Add hot sauce to taste.
Serve 2 waffles on each plate. Drizzle the waffles with hot honey and top with the eggs. Pass hot sauce at the table.