Steam or boil ears of corn for 10 minutes. Allow to cool slightly. Cut kernels off of cobs, then scrap cobs with the back of the knife removing remaining pulp. Reserve kernels and pulp.
Saute onion in butter until tender 3-4 minutes. Dust with flour, stirring another minute, then whisk in cream and corn and bring to a gentle simmer. Reduce heat and allow to simmer 7-10 minutes, stirring ocassionally. Season with salt, pepper & cayenne to taste.
Serve topped with crumbled bacon.
If you use milk instead of cream, you may want to increase the flour to 2 Tbl. to achieve a thicker mixture.