This recipe is typed on an old, greasy card in my mom's recipe box. Greasy probably means that she made these, though I don't remember them. (The recipe doesn't state what type of olives to use (green or black), but this type of recipe usually calls for green olives.)
Cream cheese and butter. Blend in flour and cayenne. Drop a teaspoon of dough on waxed paper, wrap or mold each piece of dough around olive, completely covering. Bake 400°F, 15 minutes. Serve warm.