Cut corn off the cobs by thinly slicing across the tops of the kernels; place in a medium bowl. Cut across the kernels again to release milk from the corn, add milk to bowl. Set aside.
Heat the oil in a large skillet over medium-high heat. Add onion and green pepper, cook until onion is transparent, about 5 to 8 minutes. Combine corn, tomatoes, and milk with the onion mixture. Reduce heat to medium low, and cook 20 minutes longer, stirring frequently to prevent sticking. Do not boil. Season with salt and cayenne pepper. Lower heat, cover skillet, and cook 5 to 10 minutes longer. Stir in green onions and bacon. Remove from heat and serve.