The trick to these is making sure your olives are very dry. If not, they will turn out a little mushy. These are so good. I haven't made them in quite some time but may have to try them again soon.
picture from allrecipes
1 cup shredded Cheddar cheese
2 tablespoons butter, softened
1/2 cup all-purpose flour
1/8 teaspoon cayenne pepper
24 pimento-stuffed green olives
Preheat oven to 400 degrees F (200 degrees C).
In a small mixing bowl, combine cheese and butter or margarine. Stir flour and cayenne pepper into the cheese and butter mixture. Blend well. Wrap a tablespoon of dough around each green olive. Arrange the wrapped olives on a cookie sheet.