Cut corn from cobs, scraping cobs well to remove all milk.
Combine corn, butter, and water in a heavy saucepan.
Cover and cook over medium heat 10 minutes or until corn is done, stirring occasionally.
Combine remaining ingredients, beating with a wire whisk until cornstarch is blended; add to corn, stirring well.
Cover and cook 3 minutes or until thickened and bubbly, stirring often.