1. In a food processor or blender, process walnut pieces until they are finely chopped. Add olives.

2. In a small saucepan over medium-high heat, melt butter. With machine running, add hot butter to walnuts and olives in a fine stream. Blend until color is homogeneous and mixture is smooth.

3. Let stand at room temperature until butter reaches a spoonable consistency. Use immediately, or refrigerate or freeze for later use.

Microwave Version: Complete step 1. Put butter in a glass dish and microwave on 100% power until butter is melted, about 45 to 60 seconds. Continue with steps 2 and 3.