If the true cause is ethanol separation indeed, you may be able to get her running again by either removing the fuel from the tank and putting new fuel in. Or, just shake the bike very well to mix the fuel well, so that whatever separated out from the fuel is again equally mixed, and try starting.
If I remember correctly, ethanol will settle on the bottom and gas will float on top, meaning that you are feeding your bike mostly ethanol, and that is why it does not start.
Honda Stable: 1988 Prelude Si 4WS, 2004 Honda Shadow Aero 750, 2004 Honda TRD 315, 2005 Honda CR-V, 2006 CHonda Generator, 2010 Honda CR-V.
No longer in the stable: 1983 Honda Magna V45, 1985 Honda Civic DX, 1987 Honda Accord LXi, 1996 Honda Shadow 600 VLX, 1999 Honda Civic Si, 2001 Honda CR-V, 2002 Honda Civic Si.