Arrange pancetta in single layer in medium nonstick skillet. Cook over medium heat until browned and crisp (do not turn), about 8 minutes. Transfer to paper towels to drain.
Whisk oil and lemon juice in small bowl. Season dressing with salt and pepper.
Place arugula and olives in medium bowl; toss with dressing. Divide salad between two plates. Top with pancetta and Parmesan shavings.
Notes
Pancetta can usually be found in your grocery store's deli section.