Olson was a late-season callup by the Red Sox in 1931 and the starting second baseman for much of 1932. In 1933, Olson appeared in three games before being traded to the New York Yankees on May 15, along with Johnny Watwood and cash, for Dusty Cooke, but would never appear in another major league game. He did, however, continue to play in the minor leagues for various teams until 1947.
In a three-season major league career, Olson was a .241 hitter (110-for-403) with 67 runs and 30 RBI in 133 games, including 15 doubles, six triples and one stolen base with no home runs.