Drain olives and set on paper towel to get off as much water as possible.

Peel and slice carrot thinly for the feet. Cut a small notch for the feet.

Make a slit from top to bottom of large olive. Stuff with about 1tsp cream cheese.

Make a small slit in small olive and insert notch from carrot base to make the beak.

Stack the penguin and stick a toothpick all the way through to hold.