Bring stock and milk to low simmer in a saucepan over medium heat. Whisk in polenta and cook 3 minutes until it comes together. Add salt, pepper, nutmeg, honey and butter and 1 cup of cheese. Let cool (spread it out on a sheet pan to cool it down faster).
Use a small scoop to roll arancini and coat them first in flour, then egg and then breadcrumbs combined with salt, pepper, citrus zest, parsley and remaining 1/2 cup cheese.