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Place the water, milk, butter, sugar, salt, and red pepper flakes in a large, heavy pot and bring to a rolling boil over high heat.
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Add the corn, reduce the heat to a simmer, cover, and cook until tender, about 5 to 8 minutes.
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Remove the pot from the heat and let stand until needed.
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Drain and serve hot, either plain or with the condiments of your choosing, such as oil, butter or maple syrup.