Some people are able to get the olive oil down easier by using a straw. Also, I have read one flush that advised rinsing the mouth out with sherry (but spit it out, don't drink it!) to cut the oil residue and remove the taste from your mouth. A mouth wash that contains alcohol would probably work just as well.
I always hold my nose when taking anything that I don't like the taste of. It goes down a lot easier if you don't smell it!