Olay (or Oil of Olay) is an American skin care brand. It has nothing to do with the Spanish word “olé,” but there are jokes.
 
“Spanish bullfighters use Oil of Olé face cream to beat wrinkles” was posted on the newsgroup rec.humor  on August 13, 1993. “Q: What kind of soap does a bullfighter use? A: Olay” was posted on the newsgroup alt.tv.commercials on September 13, 2004. “What moisturiser do bullfighters use? Olay” was posted on Reddit—Puns on November 14, 2012. “What kind of lotion does a bullfighter use? Olay!” was posted on X/Twitter by @ConfundedDays on November 24, 2012.
 
   
Wikipedia: Olay
Olay or Olaz, previously Oil of Olay, Oil of Olaz, Oil of Ulan or Oil of Ulay, is an American skin care brand owned by Procter & Gamble. For the 2009 fiscal year, which ended on June 30, Olay accounted for an estimated $2.8 billion of P&G’s revenue.
     
Google Groups: rec.humor 
List of “Hot Cross Puns”, and more
Harold Reynolds
Aug 13, 1993, 10:10:54 AM
(...) 
Spanish bullfighters use Oil of Olé face cream to beat wrinkles.
 
Google Groups: rec.humor
Canonical List Of Language Expressions Humor 3/4
Stuffed Turkey 
Nov 23, 1993, 8:51:49 AM
(...)
Spanish bullfighters use Oil of Ol face cream to beat wrinkles.
 
Google Groups: rec.humor
Canonical List Of Language Humor 4/5
Sweet Transvestite From Transexual Transylvania
Jan 18, 1994, 6:58:22 AM
(...)     
Spanish bullfighters use Oil of Ol face cream to beat wrinkles.
     
Google Groups: alt.tv.commercials
Olay “Mask” commercial
Dweeb
Sep 13, 2004, 5:10:51 PM
(...)
Q: What kind of soap does a bullfighter use?
A: Olay.
   
X/Twitter
T-AIAC
@Tom_AIAC
RT @docsigma: @Hope_Avelina
What do bullfighters use to treat wrinkly skin? Oil of Olé! ...sorry.
5:43 PM · May 5, 2010
 
X/Twitter
Amanda
@Pandamoanimum
To combat the signs of aging, Spanish Bullfighters use Oil of Olé.
3:20 PM · Jan 10, 2011
   
X/Twitter
Denise Whelan
@landof6and7
What do bullfighters use on their skin?  Oil of Ole.
7:53 AM · Oct 31, 2011
 
Reddit—Puns
mulimulix November 14, 2012
What moisturiser do bullfighters use?
Olay.
   
X/Twitter 
Taylor Napoli
@tayylornapps
“@omgthatspunny: What moisturiser do bullfighters use? Olay.”
@AlSchafer5 😂
5:03 PM · Nov 22, 2012
 
X/Twitter
*
@ConfundedDays
(i.e) What kind of lotion does a bullfighter use? Olay!
2:42 AM · Nov 24, 2012
 
Reddit—Jokes
senraku August 6, 2013
What kind of lotion does a bullfighter use?
Oil of Ole’
       
X/Twitter
Zachary Gray
@zacharymgray
What kind of lotion does a bullfighter use?  Oil of Olé.  I’ll show myself out.
9:23 PM · Nov 10, 2013
 
Reddit—Jokes
BackardsTankard September 22, 2018
What kind of lotion do bullfighters use?
Olay!
 
Reddit—Jokes
Suave_Sidd March 26, 2020
What moisturizer do Spanish bullfighters use?
OLAY
 
Reddit—ApparentJokes
DokCyber October 3, 2021
What moisturiser do Spanish bullfighters use? Olay.
What moisturiser do Spanish bullfighters use? Olay.
 
Reddit—Dadjokes
trimdaddyflex July 9, 2022
What kind of lotion does a bullfighter use?
Olay
     
Reddit—ApparentJokes
DokCyber August 31, 2022
What moisturiser do Spanish bullfighters use? Olay.
 
Reddit—Dadjokes
BackardsTankard May 17, 2023
What kind of hand lotion do bullfighters use?
👋 Olay 👋
   
Reddit—ApparentJokes
DokCyber October 3, 2023
What moisturiser do Spanish bullfighters use? Olay.
 
LaffGaff
Bullfighter Lotion
December 14, 2023 by laffgaff
What kind of lotion does a bullfighter use?
Olay!