In a small mixing bowl whisk together honey, brown sugar, sesame oil, lime juice, soy sauce and water. Set aside.
Preheat a 12-inch non-stick skillet over moderately high heat. Crumble beef into 1-inch chunks. Add oil to skillet and beef chunks (while leaving some space between them so they brown and don't steam).
Let beef cook undisturbed for 2 ½ - 3 minutes until nicely browned on bottom. Sprinkle in green onions (white/light portion), garlic, ginger and optional red pepper flakes.
Toss and break up beef and continue to cook until beef if fully browned and cooked through, about 2 - 3 minutes longer. If there's excess fat you can dab some if up using a few balled up paper towels held by tongs.
Pour in honey mixture and reduce heat to medium. If you want the sauce thickened add cornstarch/water mixture at this point. Simmer beef with sauce, stirring frequently for about 1 minute. Taste for more soy sauce or a little salt if needed.
Serve warm over rice, sprinkle with green onions greens, peanuts or toasted sesame seeds.
