Place the garlic in a food processor and process until chopped. Add the softened butter and process until smooth. Add the olives to the food processor and pulse them into the mixture until they are just barely combined. Roll garlic olive butter into logs using double layers of plastic food wrap. Store butter logs in the freezer. Cut off discs to top grilled chicken or broiled fish.
For Garlic Olive Bread: Soften 1/4 pound of butter to make 1 loaf of garlic olive bread. Toast a split loaf of bread under hot broiler. Spread with softened garlic olive butter on each half of bread. Sprinkle bread with a little grated cheese and return bread to broiler to melt butter and cheese. Slice and serve.
Recipe courtesy of Rachael Ray