Bake pine nuts in a shallow pan at 350°, stirring occasionally, 5 minutes or until toasted; cool.
Stir together butter and food colorings in a large bowl. Add flour and red pepper; cut in cheese with a pastry blender until mixture is blended. Shape into a large ball using hands.
Press 1 tablespoon mixture around each olive. Using dull side of a paring knife, score cheese balls with vertical lines to resemble pumpkins. Chill 1 hour.
Bake on a parchment paper-lined baking sheet at 400° for 10 to 12 minutes or until golden. Place 1 pine nut into each cheese ball to resemble stem. Serve immediately or at room temperature, or freeze up to 1 month.