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Combine the cheese, butter, flour, salt, and cayenne in a large bowl and knead into a dough. Roll the dough into 1 inch balls and place on an un-greased baking sheet.
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If using olives, form each ball around 1 olive.
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If using pecans, press 1 pecan half onto each ball.
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You can bake them right now or freeze for later at this point.