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Remove the kernels from the corn and set aside.
Melt the butter in a large nonstick skillet over medium-high heat.
Add the corn, mayonnaise, salt, chili powder and cayenne.
Stir to coat and cook for about 3 minutes, until hot.
Remove from the heat or transfer to a serving dish.
Drizzle with lime juice and sprinkle with the onion, cheese and cilantro.
Stir to combine.
Serve with lime wedges, for an extra kick of lime, if desired.