Husk the corn, remove the silk, rinse well with cold water and then pat dry with paper toweling. Cut the kernels from the cobs, scraping to extract as much corn milk as possible. Discard the cobs and set the corn kernels aside.
Core and cut the peppers, cut into thin strips, about 1/8-inch thick.
Heat the oil in a large heavy skillet. Add the bell peppers, jalapenos, garlic, cilantro or basil and saute, stirring a couple times, for 5 to 7 minutes or until the peppers are soft and slightly wilted. Remove the pan from the heat.
Stir the corn into the pan, mixing well with the vegetables. Then stir in the salt and black pepper and saute the vegetables 5 minutes longer. Stir a couple times or until the corn is tender and has picked up a golden glow.
Stir in the vinegar and heat the corn 2 or 3 minutes longer. Serve the dish hot or at room temperature.