Heat the olive oil over medium heat in a large saute pan. Add the onion and saute for 5 minutes, until the onion is soft. Stir in the bell pepper and saute for 2 more minutes.
Add the butter to the pan and allow it to melt. Over medium heat, add the corn, salt, and pepper and cook, stirring occasionally, for 5 to 7 minutes, until the corn just loses its starchiness. Season to taste, gently stir in the basil or other green herbs, and serve hot.