1. Stir together cream cheese, Spanish olives, and 1 Tbsp. mayonnaise. Shape cream cheese mixture into 2 (6-inch) logs; wrap in plastic wrap, and chill at least 30 minutes, or store in the refrigerator in an airtight container up to 2 days.
2. Place pecans in a single layer in a shallow pan.
3. Bake pecans at 350° for 8 minutes or until lightly toasted, stirring occasionally. Let cool 30 minutes or until completely cool.
4. Roll cream cheese log in chopped chives and toasted pecans just before serving.