Cook lima beans according to package directions; drain.
Pulse corn in a food processor 8 to 10 times or until coarsely chopped.
Melt butter in large saucepan over medium heat; add flour, stirring until smooth. Cook, stirring constantly, 1 minute; stir in sugar, salt, and seasoned pepper. Gradually add milk, stirring until smooth.
Stir in corn, and cook, stirring often, 12 to 15 minutes or until corn is tender and mixture is thickened. Stir in drained lima beans. Garnish, if desired, and serve immediately.
Creamed Corn: Prepare recipe as directed, omitting lima beans.