Preheat oven to 400. Place corn evenly in the bottom of a 9x13 baking dish.
In a medium saucepan, combine butter and cream cheese; cook over medium heat, stirring frequently, until butter is melted and mixture is smooth. Stir in milk and flour, and continue cooking until mixture is smooth and creamy, about 5 minutes. Stir in jalapenos. Pour butter mixture over corn; mix well.
Bake for 30 minutes, or until bubbly and edges begin to brown.