Add pitted cherries and water to a medium saucepan over medium-high heat. Bring to a boil, then reduce to a simmer.

Add in honey and zest of 1 lime. Stir to combine and return to a simmer for 10 minutes, stirring occasionally. Use the back of a wooden spoon to mash the cherries as the continue to soften.

In the pitcher of a high-power blender, add the cherry mixture and 1 cup lime juice. Secure lid and run on high for about 1 minute, until fully blended.

Transfer Cherry Limeade Syrup to a jar and let sit until it reaches room temperature. Secure the lid and store in the refrigerator for up to a week.