Peel carrot and slice into ¼ inch rounds. Cut a notch from each slice to form feet. Save the notch and cut a little smaller (if desired) to form a beak.

Cut a small slit into each small olive and insert the beak into this slit.

Cut a long slit or wedge lengthwise into the side of each jumbo olive. Carefully insert about a teaspoon of cream cheese into each olive.

Take a toothpick and insert it through the pieces, starting with the small olive first, and then the large olive. Place the carrot slice on a solid surface and then firmly insert your assembled penguin toothpick onto the carrot base.