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Preheat oven to 350 degrees. Spray a 9-cup turkey-shaped bundt pan with cooking spray; set aside. Melt 1/2 cup butter and let cool.
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Heat remaining 2 tablespoons butter in a medium skillet over medium-high heat until melted. Add corn, jalapeno, and shallots and cook, stirring occasionally, until soft, 4 to 6 minutes; set aside.
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Whisk together flour, cornmeal, salt, pepper, sugar, baking powder, and baking soda in a large bowl. Make a well in the center of the mixture and add eggs; whisk eggs into flour mixture.
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Whisk together butter and buttermilk; stir into flour mixture, along with corn mixture and cheddar. Mix until well combined.
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Divide the batter evenly between two turkey halves; smooth top. Transfer to oven and bake, rotating pan halfway through cooking, until a cake tester inserted into the middle comes out clean, 30 to 35 minutes. Let cool slightly before inverting onto a wire rack to cool completely. Serve with honey butter.