Preheat the oven to 400 degrees. Line a large baking sheet with parchment paper.
In a large bowl, cream together the cheese and butter. In a separate bowl, sift together the flour, Essence, salt, and cayenne. Fold into the cheese mixture and blend until combined. Drop the dough by tablespoonfuls onto the prepared sheet. Place one olive in the center of each, turning the pimento side up, and shape to look like an eyeball. Bake until golden and set, 12 to 15 minutes. Remove from the oven and serve warm.
Makes about 2 dozen