In a saucepan, combine the milk, heavy cream, and sugar. Heat over medium heat, stirring until the sugar is completely dissolved. Do not bring to a boil.
Add the vanilla extract and let the mixture simmer on low heat for another 5 minutes.
In a skillet, melt the butter. Add the finely crushed waffles and honey. Toast for 2-3 minutes, until lightly caramelized.
Let the toasted waffle crumbs cool completely, then stir them into the ice cream base.
Allow the mixture to cool completely at room temperature, then refrigerate for at least 2 hours to chill thoroughly.
Pour the chilled ice cream base into an ice cream maker and churn according to the manufacturer's instructions. If you don't have an ice cream maker, pour it into a freezer-safe container and stir it with a fork every hour to prevent ice crystals from forming.
Place the ice cream in the freezer for at least 4 hours to harden completely.
Before serving, let it sit at room temperature for a few minutes to soften slightly. Garnish with extra waffle crumbs or a drizzle of honey.
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