In a medium bowl, mix together flour, sugar, salt, celery seed, dried onion, and butter; set aside.
Add warm water and yeast to a stand mixer bowl; stir and let stand 5 minutes. Add egg and 1/2 of the flour mixture. Using a paddle attachment, beat 2 minutes with on medium speed. Add the remaining flour and cheese; beat until smooth, about 1 to 1 1/2 minutes. Scrape down batter from sides of bowl. Cover. Let rise in warm place until doubled, about 30 minutes.
Grease 24 medium-sized muffin cups.
Beat down raised batter in about 25 strokes. This is a sticky batter. Spoon into muffin cups, filling no more than half full. Place one olive on top of each puff. Tap pans on table to settle the batter. Let rise until batter reaches tops of cups, about 15 to 20 minutes.
Preheat oven to 425°F.
Bake for 12 to 15 minutes. Remove from pans and cool on rack. Brush with butter.