Place a box grater over a wide bowl and grate the corn, making sure to catch all the juices. Then, using the back of a knife, scrape along the surface of the corn ear to extract any remaining corn milk.
Heat a medium pot on medium. When hot, add olive oil, butter and the onion and stir until softened, about 2-3 minutes. Add the capsicum/bell pepper along with 1 teaspoon sea salt and some black pepper and cook, stirring often, until the vegetables are soft and jammy, about 7-8 minutes. Add the corn, scraping in all the liquid, and cook until it’s thick, about 6-7 minutes.
Add the milk, chili powder and jalapeño and stir until the milk has incorporated and it looks creamy, about 2 minutes. If it gets too try, or you would like it looser, add a touch more milk. The consistency should look like porridge.
Transfer the creamed corn to a bowl and top with your choice of toppings. I like to eat with fresh seasonal treats like cherry tomatoes, avocado slices, micro greens or tender salad leaves and finish with a squeeze of lime, and a light season of sea salt and black pepper.