In a medium bowl, whisk the buttermilk and egg. Cut the turkey into 1/2 to 1-inch strips and add to the egg mixture, stirring to coat them all well. In a shallow dish, stir together the flour, garlic powder, salt and pepper.
Remove the turkey pieces from the egg mixture and dredge in the flour, pressing as much onto the turkey as you can (particularly those damp bits of buttermilk and flour). Transfer to a rack set over a baking sheet. (If you want extra coating, dip them again in the buttermilk and another batch of seasoned flour.)
Heat an inch or two of oil in a heavy medium saucepan or deep skillet until it’s hot, but not smoking—a scrap of bread should sizzle when dipped in, or it should be about 350F on a thermometer. Fry the turkey strips in batches, without crowding the pan, until crisp and deep golden, about 6 minutes. Transfer to a paper towel-lined plate.
To make the waffles, in a medium bowl whisk together the flour, baking powder, sugar and salt. In another bowl or measuring cup, whisk the milk, egg and oil. Add to the dry ingredients and stir just to combine. Cook in a preheated waffle iron until golden and crisp. To make the hot honey butter, heat the butter, honey and Sriracha in a small saucepan over medium-high heat until the butter melts, whisking until smooth.
Serve the fried turkey over the waffles, passing the spicy honey butter at the table. Serves 4.