Preheat oven to 350°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.
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.
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.