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Position a rack in the upper third of the oven and preheat to 350 degrees F. Rub a 2-quart gratin dish, 10-inch ovenproof skillet, or 9-inch square baking pan with 1 teaspoon butter.
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Shuck corn and remove silk. Hold a cob upright in a shallow bowl and, with a downward sawing motion, use a small serrated knife to carefully slice off the top half of the kernels. Reverse the knife and use the back of the blade to scrape the remaining milk from the cob and into the bowl with the kernels. Repeat with the remaining cob. You should have about 1 1/2 cups kernels and scrapings.
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In a medium, heavy-bottomed saucepan, heat water, milk, and salt over a medium-high flame until it comes to a simmer, stirring occasionally to prevent the milk from scorching and taking care not to let the pot boil over. Whisking constantly, slowly sprinkle in the grits, and cook, still whisking, until the grits have swollen into a thin porridge, about 10 minutes, decreasing the heat as needed to maintain a bare simmer. Remove form the heat and whisk in the corn kernels and scrapings, the 3 tablespoons honey or maple syrup, the remaining 2 tablespoons butter, and nutmeg.
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Pour the grits into the greased pan and place on a rimmed baking sheet to catch any drips. Place in the oven and bake until the edges and top are golden and the grits have thickened, 60 - 70 minutes. The grits will soufflé up in the oven, but will settle back down when cool. Let the grits cool for 15 minutes – they will thicken considerably – then spoon into bowls and serve warm topped with a splash of cream, a drizzle of honey or maple syrup, a few grates nutmeg, and a mess of fresh fruit.
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The grits will continue to thicken and firm as they cool. Leftovers can be chilled, cut into squares, and seared in a hot, buttery skillet to reheat. They will keep, refrigerated airtight, for up to 3 days.