Heat oil in a large skillet over medium high heat. Add the corn and saute 4 minutes or until heated through. Remove from heat; stir in Serrano pepper and salt. Let cool 5 minutes.
In a large bowl combine mayonnaise, lime juice, and pepper. Add cooled corn mixture and stir to combine.
Cook hot dogs according to package directions. Cut each hot dog crosswise into 3 pieces. Slice into the top of each roll; line each roll with 1 slice bacon, top with 3 pieces hot dog.
Top with about 2 tablespoons corn mixture, 1 tablespoon cheese and additional sliced Serrano peppers, if desired. Serve with remaining corn mixture.