Cook lima beans according to package instructions; drain and set aside. Pulse corn in a food processor 8-20 times or until coarsely chopped; set aside.
Melt butter in a large skillet over medium high heat; add flour stirring until smooth. Cook, stirring constantly for 1 minute. Stir in sugar, salt and pepper. Gradually add milk; stirring until smooth.
Stir in chopped corn and cook; stirring often, 12-15 minutes or until corn is tender and mixture is thickened. Stir in lima beans and garnish with crumbled bacon, if desired. Serve immediately.