Cut a slit lengthwise from top to bottom in each jumbo olive.
Fill the cavity of each jumbo olive with about 1 tsp of cream cheese.
(this makes the white stripe of your penguins chest) Cut carrot into 1/4 inch slices, then out of each slice cut a small notch (this is your penquin's feet), save the piece you cut out this will become the beak.
Cut a small slit in the center of each small olive and press the cut out piece of carrot into the hole with the pointed end out.
Using a frill toothpick, stack head (small olive), body (large olive) and feet (carrot slice), adjusting so that beak, cream cheese breast and notch in carrot slice line up.