In a large bowl, cut the tip off cob. Cut the kernels from cob with a small paring knife. Using the back of the blade, scrape against the cob to press out the milky liquid.
Whisk together sugar, flour, and salt and pepper, to taste. Combine with corn. Add the heavy cream and water. Mix.
In a large skillet over medium heat, heat bacon grease. Add corn mixture and turn heat down to medium-low, stirring until it becomes creamy, about 30 minutes.
Add the butter right before serving.