1. Saute onion in butter in large saucepan on medium heat for 5 minutes. Sprinkle with flour and cook for one more minute, stirring constantly.
2. Pour in chicken broth and bring to a boil, stirring frequently. Stir in both corns, bell pepper and pepper sauce. Cover and simmer for 15 minutes.
3. Take saucepan off heat and add cheese. Stir well until melted.