Cook bacon until crisp and set aside. Crumble or chop when cooled.In a large skillet, heat the butter over medium-high heat. Add the onion and green peppers and sauté for a few minutes. Add the corn, tomato, thyme and milk and continue to cook over medium heat, stirring occasionally, for 10 minutes or until corn is tender. Remove from heat and stir in the cayenne, crumbled bacon and salt and pepper. Serve warm.