In a small bowl, whisk together the light mayo and the buttermilk until smooth. Stir in seasoning. Add olives, red pepper and cheese and stir gently until thoroughly mixed.
Scoop mixture by spoonful into mini phyllo cups. Place on baking sheet and bake for 15-20 minutes or until cheese is melted and lightly browned.
Garnish with sliced scallions and serve warm or at room temperature.