Place 1 teaspoon olive oil in a large skillet over medium heat.
When the pan is hot, add the crabmeat and cook, tossing frequently, for about 7 to 10 minutes, until the crab is cooked but still tender.
Remove and let cool, then place in the refrigerator.
Place the remaining 1 teaspoon olive oil in the pan and add the onion.
Cook for 10 to 15 minutes. Toss frequently until the onions are only slightly browned.
Place the onions in a food processor fitted with a steel blade with the cream cheese, salt, pepper, and cayenne.
Process until almost smooth.
Add the crabmeat and pulse gently until the crab is only slightly broken up.
Remove and fold together gently until blended.
Chill.
Serve chilled or reheat gently.
