Heat oil in a large saute pan over medium heat. Add jalapeno, and cook for 1 minute. Add corn; cook, stirring until kernels are tender but not browned, about 5 minutes. Remove from heat.
Transfer 1 1/2 c cooked corn to the bowl of a food processor fittel with the metal blade, and add cream and milk. Process until mixture is very smooth, about 3 minutes. Pass mixture through a fine sieve into a medium bowl, pressing down on the solids to sxtract as much liquid as possible.
Return strained liquid to saute pan, and stir to combine with remaining corn mixture. Cook over medium heat until liquid just comes to a simmer. Remove from heat, and season with salt and pepper. Serve hot.