In a food processor, combine the cream cheese, sour cream, green onions, chilies, cheddar cheese and olives.
Spread the mixture on tortillas. Roll up each tortilla tightly. Wrap the tortillas individually in damp paper towels. Refrigerate until ready to serve (at least 2 hours).
Slice each rolled tortilla crosswise into 1-inch pieces (pinwheels). Place a toothpick in each pinwheel, and serve with a bowl of picante sauce or salsa on the side for dipping.