Coat large Dutch oven with non-stick spray. Preheat over medium heat for one minute. Add onion and cook for 5 minutes until tender. Stir occasionally.
Add corn and cook 5 minutes more. Stir occasionally. Add half chicken broth and bring to a boil. Reduce heat and cover, let simmer for 20 minutes. Remove from heat and cool slightly.
Transfer half corn mixture to blender. Cover and blend until smooth. Return pureed corn mixture to Dutch oven. Add remaining broth, the sweet pepper, black pepper, and cayenne pepper. Heat through. Top with chives, if desired, and serve.