Add butter to a skillet over medium heat. Once melted, add onion and pepper and saute until tender. Add water and corn. Cover and cook, stirring occasionally, until corn is tender (about 5-8 minutes).
Season with black pepper and a little salt and divide among 4 cups.
To each cup add 1 heaping teaspoon of mayonnaise and 1 heaping teaspoon of Mexican crema (or sour cream). Stir to combine.
Sprinkle generously with grated cheese and chili powder, to taste. Serve with lime wedges to squeeze on top. Enjoy immediately.
