Time to Stop And Smell the Corn: Alternative fuels are here to stay. But knowing which kind-and which company-will end up bearing fruit is still unclear.

With the recent bloom of initial public offerings among ethanol producers, investors in the energy sector are starting to see a glow surrounding alternative fuels that's not just the golden hue of corn. "Alternative fuels are here and now," says Phil Flynn, senior market analyst with Alaron Trading Corp. of Chicago.

Still, oil prices have never regained their high of $78 a barrel reached last summer, making ethanol and its alternative cousins potentially less attractive. After all, when gasoline is affordable, paying extra to fill up with a corn alternative may not appeal to SUV drivers. Even those who go alternative for environmental reasons expect a different kind of green for their dollars.

"You have to continue to keep the risk low...