Cook corn cobs in a large pot of boiling water until tender, 4 to 6 min. Reserve 3 tbsp (45 mL) cooking water, then drain corn. Once cooled, cut kernels from cob. Place about 1/3 of kernels in a blender along with 2 tbsp (30 mL) reserved cooking water. Blend until a thick purée forms, adding remaining water if needed.
Beat cream cheese until smooth using an electric mixer (stand or hand-held). Gradually beat in corn mixture until combined. Stir in remaining whole kernels, red pepper, chives, cayenne, salt and pepper.