In 3-quart saucepan or large skillet, melt butter over low heat. Add onion and jalapeño and cook until tender, 6 to 8 minutes, stirring occasionally. Add garlic; cook 1 minute longer. Stir in flour, coriander, cumin, salt, and ground red pepper, and cook, stirring, 1 minute.

Stir in milk; heat over medium heat until mixture thickens and boils, stirring frequently; boil 1 minute. Add corn and cook 5 minutes, stirring frequently. Remove saucepan from heat. Reserve 1 teaspoon chopped cilantro. Stir in cheese and remaining chopped cilantro until cheese melts. Sprinkle with reserved cilantro; garnish with cilantro leaves.