1. Preheat oven to 350 degrees F. Using a 2-inch round cookie cutter cut a circle out of the toaster cake. Discard the edges. Set the circle on a parchment-lined baking sheet. Split the cheese in half horizontally so you have 2 circles. Cut off the bottom quarter of each cheese circle. Arrange the cheese on the toaster cake, lining up the 2 flat sides.
2. Fold 5 slices of pepperoni slightly less than in half. Arrange the pepperoni under the top piece of cheese to form the feathers. Cut a small triangle from a piece of orange pepper to create the beak and a small strip of red pepper to form the wattle. Gently press them into the cheese. Cut two thin slices from the olive and set above the beak as eyes.
3. Bake 4 to 6 minutes to slightly melt the cheese. Carefully transfer the turkey to a plate and arrange cut-up pretzel sticks as legs.