Remove the corn from the husks. In a large, deep bowl, slice off the kernels of corn with a sharp knife. Turn the knife to the dull side and scrape the cob all the way down to remove all the bits of kernel and creamy milk inside. (I do this inside the bowl because it goes everywhere if you cut it on a board.)
Add the red bell peppers, jalapenos, heavy cream, milk, salt to taste, a generous amount of pepper and butter and mix it well. Pour into a 9 by 13-inch baking dish. Bake until thoroughly warmed through, 30 to 45 minutes.