In a 10-inch non-stick skillet, cook bacon over moderate heat until crisp. Remove bacon, reserving drippings. Drain the bacon on paper towels; set aside.
Add the corn, onion, and red pepper to reserved drippings. Cook over moderate heat, stirring constantly, for 8 minutes or until the corn is tender and lightly browned.
Stir in the flour, salt, and black pepper. Add the milk. Cook, stirring constantly, until mixture starts to thicken. Cook and stir for 2 minutes more or until thickened. Sprinkle with the bacon pieces.