
Sir Olav is a penguin. Sir Olav, prior to being knighted, has held many ranks within the Norwegian armed forces, including the aforementioned Colonel-in-Chief, having enjoyed a very successful career as an officer in service to the king. Sir Olav, upon being knighted, calmly inspected the 130 guardsmen assembled which are ostensibly under his command.
Sir Olav, at one point during the ceremony, poo'ed on the ground.
Nils Olav is apparently also an imposter of the original Nils Olav, put in place by Norwegian intelligence and the National Zoo to replace the original Nils Olav, who had died years before. Their intent remains shrouded in mystery.
Update: There is now video footage of the procession. I must say that Sir Olav looks to be conducting himself in a manner far more dignified and majestic than a few current heads of state I will not care to name.