A "honey bun" is a rolled up set of 1 1/2" strips. The larger stips - 2 1/2" - are called Jelly Rolls. It will include one of each design from a line of fabric. You have to check to see how many strips are in the roll, but this one had around 40.
The design is one that's been mentioned on here many times. I think it's called a Jelly Roll quilt - or maybe a jiffy Jelly Roll Quilt... search either one and you'll see how to make it.
I had to add the rather large borders because the strips are so little they don't make up very large.