Preheat the oven to 325 degrees and line a baking sheet with unbleached parchment paper.
Spread the pumpkin seeds onto the baking sheet in one layer. Place the baking sheet into the oven on the center rack and roast for about 10 minutes until lightly brown.
Remove the baking sheet from the oven and pour the seeds into a food processor. Blend the seeds until they become a coarse, powdery consistency.
Add the honey or agave, salt, cinnamon, olive oil and water. Blend until smooth.
Leftovers can be stored in an airtight container for up to 5 days in the fridge.