2 quarts canola oil
2 cups chopped onion
1 green bell pepper, quartered and diced
1 small onion, quartered and diced
1 (10 ounce) can condensed tomato soup
1 1/2 cups soft drink (such as Coke or Pepsi) milk
2 tablespoons milk
1 (20 ounce) can sliced pimento-stuffed green olives
1/2 pound processed cheese food
Heat oil in a large heavy skillet over medium heat; cook vegetables until tender but crisp, about 45 minutes. Stir in onion and bell pepper and cook for 5 minutes. Stir in green pepper and onion and cook just until softened, about 12 minutes. Stir in tomatoes and cook 2 minutes. Stir in water and milk and bring to a boil. Taste and add salt and pepper to taste. Let cook and strain on paper towels.
Pour off some of the liquid and pour over vegetables and brown as desired. Return vegetables to refrigerator; serve immediately.
In a medium bowl, mix pimento-stuffed green olives, cheese, meat and brown mustard and stir just until incorporated. Chill for at least 1 hour and serve with Olives and Sauce.