Olive is a real up-and-comer name, thanks to the uberpopularity of its cousin, Olivia. The name signifies the tree and its fruit—and as also become known as a symbol for peace. It's currently #416 on the name list, but it's become a hot name amongst celebrities (chosen earlier this year for Drew Barrymore's first child, and also picked by actors Sacha Baron Cohen and Isla Fisher). And since it fits the current trend for nature-themed names, I'd expect this name to pick up steam and popularity.
According to People.com, they intend to call their daughter by her middle name, Pearl, which was chosen in homage to Jake's late godmother. It's a precious-gem name, along the lines of Jade and Ruby, but still not quite reaching their level of popularity—it's currently at #814 on the Social Security Administration list. But it was chosen by actor Maya Rudolph and filmmaker Paul Thomas Anderson for their daughter—and this year Jack Osbourne picked it for his daughter as well. Pearl is infinitely more popular as a middle name, and so Jake and Lacey are right in tune with the trend by placing Pearl in the middle spot. Though I'm wondering, since the name Pearl is a lovely one, why they didn't just place it in the first position and choose a different middle name. (I'd actually go with a different tree name—Pearl Willow Owen sounds pretty nice to me.)
Did you give your son or daughter a middle name that you intended to use as their "everyday" name? Why did you opt to put it in the second spot?
Don't forget to share your baby-name dilemmas with me at lamilbrand AT gmail.com. I'd love to help you solve your issue!