Cook bacon in large saucepan over medium heat until fat is rendered, about 3 minutes.
Add onion and cook until tender, stirring occasionally.
Add potato and bell pepper and sauté 1 minute. Add 2 cups milk and bring to boil. Reduce heat and simmer until vegetables are tender and soup thickens slightly, stirring occasionally, about 15 minutes.
Add creamed corn, corn kernels and thyme to soup and simmer until heated through. Season with salt and pepper. Serve.
Servings: 4