How to Make It
In a small saucepan, combine the corn and 1/2 cup of the cream. Bring to a simmer and cook over moderately low heat, stirring occasionally, until the corn is tender and the cream is reduced and thickened, about 8 minutes. Remove from the heat and whisk in 3 tablespoons of the butter. Let cool to room temperature.
In a food processor, puree the bell pepper until smooth; scrape into a medium bowl. Add the egg, the melted butter and the remaining 2 tablespoons of cream, then add the flour, baking powder and salt and whisk until well blended.
In a large nonstick skillet, melt 1 tablespoon of butter. Ladle 1 tablespoonful of batter per pancake into the skillet to make 6 pancakes. Cook over moderately low heat, turning once, until set, about 3 minutes per side. Repeat with the remaining butter and batter to make 12 pancakes total.
Spoon the creamed corn onto plates. Arrange 3 pancakes on each plate. Top with the smoked salmon and dollop with crème fraîche. Top with the caviar, garnish with chives and serve.