In a large stainless skillet, over medium-high heat, warm the oil and then add the peppers. Cook for about 3-4 minutes, while stirring frequently. Sprinkle with salt and pepper as it cooks. Add the corn and warm for a minute or two. Remove from the heat.
Combine the cheese, green chile, jalapenos, jalapeno juice, milk, water, and cumin in a medium size glass bowl. Microwave for five minutes, pausing to stir after every minute. The dip will be very watery at first, but it will thicken as it finishes cooking.
When the cheese mixture is thick and pourable, add the sauteed bell peppers, corn, and cilantro. Stir to combine. Serve hot, poured over or dipped with just about anything you like.