It is thought that Olay was a Spanish sporting chant used to express approval. Such as when a bull would run by the "torero". It is not clear where modern chant evolved from, although most assume it came from a latin american country. The two most probable are Brazil or Mexico. Brazil is said to invented the actual Ole, Ole, Ole chant. While Mexico, is said to have invented the chant that is used to express approval when one team has a dominating lead (3-0, 4-0, 4-1, etc.) and plays keep away with the opposing team.