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Peel back the husks to loosen them from the corn. Do not remove husks. Soak the corn in cold water for 20 minutes.
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Prepare a medium hot grill (about 350 degrees F).
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Peel back the husks leaving at least two outer layers attached at the end. Remove the silk and pull the husks back up. Tie with cooking twine or a piece of husk (not too tightly so that steam can be relased during grilling).
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Place the ears on the grill. Cover grill. Cook for 20 minutes, turning ears every 5 minutes for even cooking. The corn is done with the kernels are soft. Be careful not to over-cook or the corn will be mushy.
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While the ears are grilling, make the spread. In a small bowl, add mayonnaise, sour cream, ancho chili pepper, lime juice, and salt. Stir to combine.
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Spread a thin layer of the cheese on a plate or sheet of aluminum foil.
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Handle the grilled corn with caution because they will be hot. Safety first to avoid burns.
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Peel back and remove the husk from an ear of corn. Brush the spread on the corn. Roll the coated corn in the cheese. Repeat process with remaining corn.
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Serve immediately with additional ancho chile pepper and lime wedges. Squeeze the lime over the corn and sprinkle with more pepper if desired.