Slice both ends of the colossal olives then cut a football shape lengthwise to serve as the penguin's white "belly." Fill the colossal olives with cream cheese and place in the refrigerator to firm up (15–20 minutes).
Peel and slice carrots into 1/4" discs. Carefully slice a triangular wedge out of carrot discs and insert wedge into hole of jumbo olives to create the penguin's noses.
Put carrot disc down flat and stand the cream cheese-filled colossal olive on top so carrot "feet" face forward.
Stack the jumbo olive "head" horizontal on top of the colossal olive body then secure both olives to the carrot base with a long wooden appetizer pick.
Repeat until all penguins are assembled.
One Last Thing
Nothing starts a party off right with a playful twist to an old favorite. These little guys take that idea to the max!