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Preheat oven to 400*F.
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Grease the bottoms only of 12 standard-size muffin cups.
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In a large bowl, beat together the cream cheese and egg until smooth.
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Gradually stir in the milk and oil.
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Whisk together the flour, baking powder, and salt; add to creamed mixture just until combined.
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Do not overmix.
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Fold in the olives.
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Spoon batter into the prepared cups (they will be almost full); bake for 18-20 minutes, or until light golden brown.
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Immediately turn out of the tins; serve warm, or cool completely.