Remove neck and giblets from chicken. Skewer neck skin of chicken to back; tie legs to tail with 100-percent-cotton kitchen string. Twist wing tips under back. Place chicken in a large resealable plastic bag set in a deep bowl.
For marinade, in a small bowl combine the water, soy sauce, sherry, green onion, garlic, and five-spice powder. Pour over chicken; seal bag. Marinate in the refrigerator for 6 to 24 hours, turning bag occasionally. Drain chicken, discarding marinade. Brush chicken with oil.
For a charcoal grill, arrange medium-hot coals around a drip pan. Test for medium heat above the pan. Place chicken, breast side up, on grill rack over drip pan. Cover and grill for 1-1/4 to 1-3/4 hours or until chicken is no longer pink (180 degrees F in thigh) and drumsticks move easily, brushing with honey during the last 10 minutes of grilling. (For a gas grill, preheat grill. Reduce heat to medium; adjust for indirect cooking. Grill as above, except place chicken on grill rack in a roasting pan.)
Remove chicken from grill. Cover; let stand for 10 minutes before carving.