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Bring a medium saucepan of lightly salted water to a boil. Add the sweet potatoes and cook over moderately high heat until tender, about 15 minutes. Drain well and return to the saucepan. Add the honey and 4 tablespoons of the butter and mash until smooth.
In a small bowl, combine the milk and eggs and stir into the sweet potato puree. In another bowl, stir together the flour, baking powder, salt and cayenne, then add the dry ingredients to the sweet potatoes, stirring just until blended.
Melt 1 tablespoon of the butter in each of 2 large nonstick skillets. Spoon rounded tablespoons of the sweet potato batter into the skillets, flattening each pancake slightly to form a 2-inch round. Fry over moderately high heat, turning once, until golden and crisp, about 1 minute per side. Transfer to a large baking sheet. Repeat the process with the remaining butter and batter; you should have 32 pancakes.
To serve, arrange 4 sweet potato pancakes on each of 8 small plates. Garnish the pancakes with a dollop of sour cream and a small spoonful of caviar.
The pancakes can stand at room temperature for 2 hours. Reheat in a 325° oven for 5 minutes before serving.