Using an electric mixer or food processor, beat or process liverwurst, chili sauce, horseradish, and hot pepper sauce until well mixed.
Cover and refrigerate until mixture firms up, for approximately 1 hour.
In a medium-sized mixing bowl, mash cream cheese with mayonnaise until smooth and spreadable. Turn liverwurst mixture out onto a sheet of foil and mold it into a ball. Using a small spatula, frost with cream cheese mixture. Decorate with sliced stuffed green olives.