This liquid material exhibits a sub-surface scattering effect.
The most difficult thing with this kind of shader is getting the colors to look right, and it can take a bit of fiddling and experimenting to get the exact look.
While honey can have many different looks, this tutorial recreates the most common one: golden yellow with a hint of red in the thicker areas.
Below are the colors and settings. Notice that the Phase function needs to be lowered quite a bit to get the shader to look good. Large scatter radius will ensure that we can see through the object.
A simple mix of 2 noisemaps (in different sizes) will give us a good Bump map to make it look a bit more natural. Use with discretion and don’t go overboard on the Bump strength.