In a 2-quart microwave-safe casserole micro-cook potatoes and water, covered, on 100-percent power (high) for 7 to 11 minutes or until potatoes are tender, stirring once. Drain.
Meanwhile, in a small microwave-safe bowl combine picante sauce, lime juice, oil, salt, and pepper. Cook, uncovered, on high for 30 to 60 seconds or until heated through. Add sauce to cooked potatoes. Stir in tomato, olives, green onions, and cilantro or parsley; toss to coat. Makes 4 side-dish servings.