PREHEAT oven to 400°.
In a small mixing bowl, COMBINE cheese and butter (or margarine); STIR flour and cayenne pepper into the cheese mixture, BLENDING well.
WRAP a tablespoon of the mixture around each olive.
ARRANGE the wrapped olives on a cookie sheet.
BAKE until golden brown, about 15 minutes.
Per Serving (excluding unknown items): 112 Calories; 8g Fat (64.0% calories from fat); 4g Protein; 6g Carbohydrate; 1g Dietary Fiber; 20mg Cholesterol; 206mg Sodium. Exchanges: 1/2 Grain(Starch); 1/2 Lean Meat; 1 1/2 Fat.