Add to a soup pot and cook, stirring over medium heat, until beginning to crisp, about 10 minutes:

Leaving the bacon in the pan, spoon off all but 2 tablespoons of fat. Add and cook, stirring, until tender and slightly browned, about 10 minutes:

Meanwhile remove the kernels from:

Set the kernels aside. Add the cobs to the pot, then add:

Push the corncobs down into the milk. Bring the milk almost to a boil, reduce the heat, cover, and simmer until the potatoes are tender, about 15 minutes. Remove the cobs. Stir in the reserved corn kernels along with:

Simmer gently until the corn is tender, about 5 minutes. Remove from the heat. With a slotted spoon, remove 1 ½ cups solids from the soup and puree until smooth. Return to the soup and add:

Let stand until the butter is melted, then stir and serve.