In a medium bowl, whisk together mayonnaise, red wine vinegar, 1/4 cup olive oil, water, crushed garlic, 1/2 teaspoon black pepper, sugar, salt, Italian seasoning, and a pinch of cayenne pepper until the dressing is thick and creamy. Cover with plastic wrap and refrigerate for 8 hours to overnight.

Heat 1 tablespoon of olive oil in a large skillet over medium heat. Add the thawed sweet corn and cook, stirring occasionally, until it turns light golden brown and toasted, about 15 minutes.

Transfer the toasted corn to a large bowl and mix in the diced roasted red peppers. Pour in the prepared dressing and toss until the corn mixture is completely coated. Season with salt and black pepper to taste.

Stir in the thinly sliced basil leaves and another pinch of cayenne pepper, adjusting to your preferred level of spiciness. Serve and enjoy!