I came across these several months ago when I was looking for appetizers for Christmas and New Year's. I think they're just adorable. And although they take some patience. I think the outcome is worth it.
Cut a slit from top to bottom, lengthwise, into the side of each jumbo olive.
Carefully insert about 1 teaspoon of cream cheese into each olive.
Slice the carrot into eighteen 1/4 inch thick rounds; cut a small notch out of each carrot slice to form feet. Save the cut out piece and press into center of small olive to form the beak. If necessary cut a small slit into each olive before inserting the beak.
Set a jumbo olive, large hole side down, onto a carrot slice. Then, set a small olive onto the large olive, adjusting so that the beak, cream cheese chest and notch in the carrot slice line up. Secure with a toothpick.
Cut roasted red pepper strips into a long thin slice and wrap around the penguin's 'neck' to form a scarf, and/or add a dab of cream cheese to the penguin's head, and put a dollup of red pepper on top to make a hat.