In a larger bowl, mix the cream cheese, sour cream, chili peppers, black olives, dry ranch dressing, and fancy cut cheddar cheese.
Spread the mixture on to the tortillas. After you spread it on the tortilla, roll it up, and wrap in a plastic wrap. Set aside. Do the remaining tortillas the same way. Refrigerate for at least 1 hour. (I make this the night before I am going to serve it, so all the flavors mix nicely, and it is good and chilled. However, give this at least 1 hour to chill)
When you are ready to serve this, slice the pinwheels and put on tray. In a smaller bowl pour the salsa in, and let the people dip the pinwheels in the salsa. Enjoy!