Cook the orecchiette according to package directions, omitting salt and fat. Drain the pasta in a colander over a bowl, reserving 1/2 cup cooking liquid.
Heat oil in a large nonstick skillet over medium-high heat. Add the bell pepper and 1/4 teaspoon salt; sauté 2 minutes. Remove casings from the sausage. Add sausage, oregano, and garlic to pan; cook 4 minutes or until sausage is done, stirring to crumble sausage. Add pasta, reserved cooking liquid, 1/4 teaspoon salt, cheese, olives, and black pepper; cook for 2 minutes or until thoroughly heated, stirring frequently.