Preheat oven to 350 degrees.
In a saucepan over medium-low heat, melt cream cheese and butter, add milk, blend and cook until smooth and bubbly.
In a medium casserole dish, mix the frozen corn, red bell pepper, and jalapeno peppers. Pour cream cheese mixture over vegetables and mix well to cover.
Bake 35 to 45 minutes in preheated oven, until bubbly and lightly browned. Let set for 10 minutes before serving. Makes 8 servings. Enjoy!