Cut off tips of corn kernels into a bowl; scrape milk and remaining pulp from cob with a knife.
Melt butter in a Dutch oven over medium heat; add onion, and saute 5 minutes or until tender. Add bell peppers, jalapeno pepper, and corn; cook, stirring constantly, 10 minutes. Stir in remaining ingredients. Bring to a boil; cover, reduce heat, and simmer 10 minutes, stirring often. Uncover and simmer 5 minutes, stirring occasionally.