Whisk together water, soy sauce, vinegar, molasses, garlic, ginger, and Sriracha.
Stand 1 drumette upright with narrow bone at top. Holding it by the bone, use a paring knife to push and scrape skin and meat downward to expose bone and make a "lollipop" of chicken at the bottom. Repeat with remaining drumettes.
Place chicken in a shallow, nonreactive dish, and pour marinade on top to coat. Refrigerate, covered, overnight.
Preheat oven to 400 degrees. Heat a grill or grill pan to medium heat. Remove chicken from marinade; reserve. Grill chicken, turning, until golden brown and slightly charred, 8 to 10 minutes. Meanwhile, bring marinade to a boil in a small saucepan. Reduce heat to medium, and simmer until reduced by half, 5 to 7 minutes.
Transfer chicken drumettes to a roasting pan. Bake, basting with reduced marinade every 5 minutes, until dark brown and cooked through, 20 to 22 minutes.
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