In a large pan bring water to a boil and add pasta. Meanwhile, add the butter and olive in a frying pan and heat over medium heat. Once melted add in the cheeses and mix. Heat over low/medium heat until well blended. When the pasta is ready, remove some of the pasta water and set aside. Drain the pasta and add to the sauce and mix well. If the sauce is too dry, add in some of the reserved pasta water.