We study the phase diagram of the frustrated XY model on the honeycomb lattice by using accurate correlated wave functions and variational Monte Carlo simulations. Our results suggest that a spin-liquid state is energetically favorable in the region of intermediate frustration, intervening between two magnetically ordered phases. The latter ones are represented by classically ordered states supplemented with a long-range Jastrow factor, which includes relevant correlations and dramatically improves the description provided by the purely classical solution of the model. The construction of the spin-liquid state is based on a decomposition of the underlying bosonic particles in terms of spin-1/2 fermions (partons), with a Gutzwiller projection enforcing no single occupancy, as well as a long-range Jastrow factor.PACS numbers: 75.10. Kt, 67.85.Jk, 21.60.Fw, 75.10.Jm A quantum spin liquid is an exotic state in which strong quantum fluctuations (usually generated by frustration) preclude ordering or freezing, even at zero temperature [1]. Despite intensive theoretical and experimental research, finding quantum spin liquids in materials and in realistic spin models continues to be a challenge. A remarkable example where the existence of such a state has been inferred is the spin-1/2 kagome-lattice Heisenberg antiferromagnet, which has been extensively studied both theoretically and experimentally [1][2][3], even though the precise nature of the spin-liquid state (gapped vs gapless) is still under debate [3][4][5][6]. Another model that has recently received considerable attention for its potential to realize spin-liquid states is the spin-1/2 Heisenberg model on the honeycomb lattice, with nearest-neighbor (NN) J 1 and next-to-nearest neighbor (NNN) J 2 exchange interactions [7][8][9][10][11][12][13][14][15][16]. This is in part motivated by its close relation to the Hubbard model, for which the possibility of having a spin-liquid ground state has been under close scrutiny [17][18][19].A closely related spin model with a rich phase diagram and the promise to support a gapless spin liquid phase is the J 1 − J 2 spin-1/2 XY model on the honeycomb lattice [20,21], which is the main subject of this Rapid Communication. Its Hamiltonian can be written aswhere S α i is the αth component of the spin-1/2 operator at site i. This model can be thought of as a Haldane-Bose-Hubbard model [20,[22][23][24], i.e., the Haldane model [25] on the honeycomb lattice with NN hopping J 1 and complex NNN hopping |J 2 |e ıφ , where spinless fermions are replaced by hard-core bosons and φ = 0. Hard-core boson creation and annihilation operators can then be mapped onto spin operators ((1). The total number of bosons (N ) is related to the total magnetization in the spin language, since n i = S z i + 1/2. Here, we focus on the half-filled case, where N equals one half the number of sites (V ).This model was studied in Ref.[20] by means of exact diagonalization on small clusters. There, evidence was found supporting the existence of a spin liq...