Add the heavy cream and milk to a small saucepan over medium heat, whisking occasionally. Allow to heat until it’s just barely starting to simmer, with steam rising and bubbles along the edge. Remove.
While the milk mixture is heating, add the egg yolks, honey, cornstarch, and vanilla to a bowl and whisk well until smooth and combined.
Once the milk is properly heated, add the egg mixture very slowly, in a very thin stream, while whisking firmly and continuously. Do not add the egg too fast, or it will curdle and form lumps instead of the smooth texture you’re after.
Still whisking, return the sauce pan to the stove on medium-low heat and continue whisking until thickened. This can take anywhere from 1-5 minutes, but make sure not to leave it unattended! Tip: the custard will continue to thicken once removed from the heat, so only continue heating until it has the texture of thin batter.
Once removed from the heat, add in the applesauce and stir well. You can add more or less applesauce depending on your taste, but remember that the more you add, the thinner the custard will become.
Now it’s ready to serve! You can serve it immediately as a warm and sweet drizzle over a pastry, cake, or other dessert, or place into ramekins and chill overnight for a thick and creamy pudding! Store covered in the fridge for up to 3 days.