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 and add this to the bowl. Set aside.
Heat oil in a large skillet over medium-high heat. Add onion and green pepper and 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 for 20 minutes longer, stirring frequently to prevent sticking. Do not boil. Season with salt and cayenne pepper. Lower heat, cover the skillet, and cook, 5 to 10 minutes longer.
Stir in bacon and green onions. Remove from heat and serve.