What is the difference between the honeymoon period and the lame duck period of a presidency?

The Honeymoon Period: The period from the inauguration to the first major political challenge to a new president's administration. It is marked by general good will, benefit of the doubt in complicated situations and willingness to be open to new initiatives. It ends with a political challenge of some sort. For example, the Democrats in Congress standing up to block the funding of the closing of Guantanamo Prison may have signaled the end of Obama's honeymoon.

Lame Duck Period: This is the time between and election that an incumbent loses or does not run in and the inauguration of the next person to take that position. George Bush was a lame duck president from November 4 until Obama's inauguration in January. This period is usually characterized either by inactivity, because of anticipation of the next administration; or a flurry of political initiatives due to the "nothing to lose" nature of the position.