Zest the orange to get 1 1/2 tsp.; set the zest aside.
Remove the rest of the peel and white pith with a sharp knife.
Working over a bowl, cut the segments from their surrounding membranes. Set aside for garnish.
Combine water, milk and salt in a large heavy saucepan and bring to a boil.
Gradually whisk in polenta (or cornmeal) and return to a boil.
Reduce heat to medium-low to maintain an even bubble and whisk until the polentina thickens, 1 to 5 minutes depending on what type you’re using.
Remove from the heat, cover and let stand for 5 minutes.
Meanwhile, combine mascarpone, yogurt, 1 tbsp. honey and 1/2 tsp. of the orange zest in a small bowl.
Whisk the remaining 3 tbsp. honey and the remaining 1 tsp. zest into the polentina. Divide among 4 bowls and top with a dollop of the mascarpone topping.
Garnish with the reserved orange segments and sprinkle with tarragon, if desired.
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