Reserve 1 cup corn; set aside. Place the remaining corn and 1 cup milk in a blender; process until smooth. Add remaining 1¼ cups milk, thyme, ½ teaspoon salt, and pepper to blender; process just until combined. Add pureed mixture and reserved 1 cup corn to pan. Reduce heat to medium; cook 5 minutes or until thoroughly heated, stirring constantly. Stir in ⅛ teaspoon salt.
Ladle about 1½ cups soup into each of 4 bowls; top each serving with about 1 tablespoon bacon, 1 tablespoon remaining onions, and 1 tablespoon cheese.
Recipe by In Good Taste at http://ingoodtaste.kitchen/summer-squash-and-corn-chowder/