In a small saucepan, combine wine, rosemary, bay leaf, and honey. Bring to a boil, then reduce to a simmer and cook until wine has reduced to about 2 tablespoons, 10 to 12 minutes. (It should be thick and syrupy, like maple syrup.)
Remove rosemary and bay leaf from wine. In a large bowl, combine butter, garlic, and reduced red wine. Season with salt and pepper and use a hand mixer or spatula to combine until smooth. Fold in chives and transfer mixture to a large piece of plastic wrap. Tightly wrap butter and form into a rounded stick. Twist ends of plastic wrap to seal and refrigerate until firm.
Slice butter into pats when ready to serve.
