In a medium bowl, combine oil, cumin, and paprika. Stir until combined.
Place drumsticks in a large resealable plastic bag. Pour spice mixture over the chicken. Toss until evenly coated.
In a blender or food processor, puree the honey, chipotle peppers, mustard, chili powder, salt and pepper to taste. Reserve half the sauce for basting.
Preheat the oven to 450 degrees. Arrange the drumsticks on a greased backing rack over a baking sheet. Bake for 15 minutes.
Baste chicken with the reserved honey chipotle sauce, flip, and baste the other side. Cook for an additional 20-30 minutes or until juices run clear.
Alternately, prepare a grill for medium-high heat. Place chicken on the heated grill and cook for 10-15 minutes. Bast with honey chipotle sauce, flip drumsticks, and baste the other side with sauce. Grill for an additional 10-15 minutes or until juices run clear.
Before serving, coat with additional honey chipotle sauce or arrange drumsticks on a platter with sauce on the side.