a small dab of lightly sweetened fresh ricotta cheese. use confectioners sugar. and don't hesitate to pop the cake in the oven for a few minutes before you serve it. i wouldn't ice it with anything. olive oil cakes should be served in their shamelessly naked glory.
I would think about serving it with a fruit coulis (maybe raspberry or strawberry) and whipped cream with mascarpone folded in. I'm not sure an icing or frosting would be the best thing for an olive oil cake, which is delicious because it's so simple and clean-tasting.
Raspberry sauce. Melt a jar of currant jelly and a jar of good raspberry jam in a saucepan with the juice of 1 fresh lemon (more to taste). It will burn very quickly so you need to attend to the pot, stirring often. Let cool. Then press through a fine mesh strainer so there are no seeds. For a kick, add a tablespoon or two of Cointreau or an eau de vie. If you have time, puree the cooled jam sauce with a defrosted bag of frozen raspberries in a food processor. (At this time of year, the frozen raspberries I get are much better than the fresh - and less expensive.) Definitely push through a strainer with a spatula, to eliminate seeds. Gorgeous color with chocolate.
Sabayon or zabaglione http://www.davidlebovitz.com/2012/03/sabayon-zabaglione-recipe/ I love this recipe. It's great with cake as well as strawberries.
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Or: http://food52.com/blog/2553-nancy-silverton-s-whipped-cream