You need to mix the honey in water before doing anything else. Once that is done, let the mixture to cool down for about half an hour. By doing that, honey's hydrogen peroxide will develop considerably.
After 30 minutes or so, take a good look at the mixture and take some oil in order to add to the mixture. Now slowly add the oil to the water-honey mixture and let it cool down a little. Once the mixture is cool down, dip a finger in it to check the temperature. If you think that your body can bear the mixture, work the mixture evenly into your hair.
Let the mixture remain in your hair for about half an hour and you can even go out in the sunlight to help it cool down a little faster. Sunlight can help making your hair lighter but if you want to stay indoors try putting on some kind of plastic or shower cap over your hair to protect it from the dust.
After half hour, remove the protection and rinse your hair thoroughly. Let the water work its magic until all of the mixture is removed from your hair. Apply shampoo and conditioner at the end to remove any bits of honey. Enjoy your new lightened look.