In a small saucepan cook bacon till crisp. Remove bacon, reserving 1 tablespoon drippings in saucepan. Drain bacon. Set aside.
With a sharp knife cut corn from cobs at two-thirds depth of kernels; do not scrape the cob. (You should have about 1-1/2 cups of corn.) Add the fresh or frozen corn, water, onion, and pepper to the saucepan. Bring just to boiling. Reduce heat. Cover and simmer for 5 to 7 minutes or until corn is crisp-tender.
Add the cream cheese to the undrained corn mixture in the saucepan. Stir over low heat till melted. If necessary, stir in the milk to make corn mixture of desired consistency. Stir in reserved bacon. Makes 2 servings.