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Melt the oil and butter in a large saucepan or flameproof casserole. Add the onions and sage, and gently cook until really soft – about 15 mins. Tip in the squash and cook for 5 mins, stirring. Add the honey and stock, bring to a simmer and cook until the squash is tender.
Let the soup cool a bit so you don’t burn yourself, then whizz until really smooth with a hand blender, or in batches in a blender. Season to taste, adding a drop more stock or water if the soup is too thick. Reheat before serving, sprinkled with chives and cracked black pepper.