In a large bowl, whisk together lime zest, lime juice, sugar, salt and hot sauce. While whisking, slowly pour in olive oil and continue whisking until emulsified. Set dressing aside.
Bring a large pot of salted water to a boil. Working in batches as necessary, add corn and boil until tender, about 4 minutes. Drain.
As soon as corn is cool enough to handle, cut kernels off cobs and place kernels in bowl with dressing. Add red onion and cilantro; toss to combine. Cover and refrigerate until needed. Serve cold or at room temperature.