As others have said, start at wraiths and do Golem at level 2. You don't need dodge runes at all to jungle with Olaf. He is already extremely good at it.

Thanks for all the suggestions, will bookmark this and try a bunch of this stuff out.

Oh also, you might want to save smite for the second time you activate w. Doing so will let your health get a bit lower early on, meaning you get more dps due to your passive.

Use it immediately the second time you activate w though. You will die if you don't.

Masteries:
0-9-21
standard utility taking ghost
defensive: spec for nimbleness (armor and magic res distribution i usually got 2-2... but its up to you)

Dodge yellows
HP Quints
Armor Pen reds
Magic Resis blues

Cloth Armor + 5 pots

Skill Order
W
Q
Q
E
(After this... for level 5 onwards - its your choice if you want to max E first or Q depending on how proficient you are with throwing the axe)

Other people like to upgrade the cloth armor into lantern... I however try to get a fast Randuins
you are a melee dps. you need hp/armor more than the ability to farm faster.

make sure you get a ward for dragon early

jungle path that works for me:
twin golem camp
wraiths
wolves
blue golem
(shop)
red lizard
(gank if possible)

hope this helps

I run jungle olaf 21/0/9 =/

Cloth armor + 5 hp pots

Arpen marks, mp5/level seals (it's a generic melee dps page), flat CDR glyphs (5/9 atm) and arpen quints (2/3 atm)

Golem is easy, beat on him, you'll be low when you activate your second w, but smite immediately after the second w and golem will die from it too for 5 bonus gold, then just go wolves, wraiths, 2 golems, lizard, back to wolves wraiths and 2 golems, and then b for your razor, get to golem for the second golem (or if they don't have a jungler steal theirs so you don't have to wait the ~30 seconds for yours to respawn, this is especially when you're on blue team and dragon is far from golem) and then go take dragon

You have to know, Brolaf is a high risk high reward champion. He strives at low health, which can be intimidating for people jungling with him. You'll find the sweet spot with enough practice and be able to jungle easily with him.

im lvl 25 and normaly choose the +10 atack damage sword or a cloth armour and health pots, make sure you use your health pot prety much as soon as you take damage

Cloth armor + 5 health pots. Armor pen runes, whatever seals and quints, some mana per 5 per level glyphs. 21/0/9 for myself. Don't start on the golem, there is no point. Drop a couple easy camps. Get w, q, w, q,q,r, etc.. for your skills. Plan on running around low health, if they have a WW you are not going to be moving full speed.

A lot of your damage comes from being low health. Time your smite and undertow to be up with your spellvamp, which will heal you a good bit. Keep using the potions to keep yourself at a stable but low hp. You'll find a natural point around 20-25% health where you really shine.

Vamp sceptre and doran's items are terrible for jungling.

Get a fort pot and 2-5x potions (depends if there is another jungler or not, if so I get a ward). Wait for Golem to spawn and pop your Fort Pot and start attacking and pop your W and a health pot. Once your W is back up again use it and then Cast Smite. Should get you through golem right off the bat, from there on it's cake.