Sauté onion in oil in a 3-quart saucepan until tender. Stir in corn and peanut butter. Cook over medium heat, stirring constantly, until bubbly. Stir in remaining ingredients; cook over medium heat, stirring constantly, until cheese melts and chowder is thoroughly heated.
Spoon chowder into individual serving bowls; serve immediately.
Oxmoor House Homestyle Recipes