Pre-heat oven to 400° F.
In a small mixing bowl, combine cheese and butter.
Stir flour and cayenne pepper into the cheese and butter mixture; blend well.
Slowly add additional melted butter until the mixture resembles and feels like dough; add about 1/2 tbsp. at a time, if mixture does not feel like dough.
Place ½ - ¾ tbsp. of the mixture in the palm of your hand.
Roll into a small ball; then flatten into a disc in the palm of your hand.
Wrap the dough around each green olive; ensuring the olive is completely covered with the dough.
Arrange the wrapped olives on a cookie sheet.
Place in the refrigerator for at least 15 minutes prior to placing in the oven.
Place in oven and bake for 15 minutes, or until golden brown.