In a food processor, combine the cream cheese, sour cream, green onions, chilies, cheddar cheese and olives; process until smooth. Alternately, you can use a hand mixer to combine (it will be just a little chunkier). Spread the mixture on tortillas. Roll up each tortilla tightly.
Wrap the tortillas individually in damp paper towels. Place in an airtight plastic bag; refrigerate until ready to serve (at least 2 hours).
When ready to serve, remove tortilla rolls from the plastic bags and paper toweling. 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.