Please read: Olaf does not need buffs, he needs a rework.
I'm not sure if this is the correct place to post (PBE forums seem dead lately), but I decided to give it a shot.
Riot: Buffing Olaf isn't the way to go. The issue with him is that his kit just doesn't work. It's clunky, it's awkward, it's whatever other synonym you can come up with. He needs a rework. Please consider these points:
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Vicious Strikes is NOT effective outside of lane (and specific dueling situations). The Attack Speed is nearly impossible to make use of during a team fight. Why? A. As Olaf, you'll be spending most of the fight running, spamming your axes, picking said axes up, and throwing in a Reckless Swing when you can. Also considering the fact that a skilled opponent will ALWAYS try to kite you, you can never stop and auto attack-- and B. Even when you can auto attack, Undertow and Reckless Swing are both channeled, so they cancel auto attack animations. With all of this in mind, Vicious Strikes is almost a dead ability in team fights.
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Ragnarok isn't working. I understand that you want to give opponents the luxury of "counter-play", but this isn't the way to go with it. When you're plowing through the enemy team to try and dive somebody, the last thing you want to do is become vulnerable. Very few Ultimates in the game have a drawback as major as Olaf's. It needs to be changed-- tone down the offensive aspect, and increase the defensive aspect. This needs to happen in order for him to be able to compete with other bruisers at his job. Here's are a couple possible changes:
New Ragnarok #1: Cut the AD in half (20/30/40), and keep the passive portion while its active. In my opinion, this seems like the most simple solution. He doesn't gain as much damage right off the bat, but he gets to keep his defense which helps him do his job as an anti-carry. It also makes the idea of an earlier offensive item more reasonable, since before, if you got something like a Ravenous Hydra early, you were very susceptible when you tried to dive (holy run-on).
New Ragnarok #2: Remove the AD entirely, double the passive portion while Ragnarok is active, and POSSIBLY give it movement speed (something like 15/30/45). This basically forces Olaf players to buy some sort of offensive item in order to do adequate damage. The good thing is, not only do you get a good defensive steroid during the active (allowing you to properly dive and still retaining, though weakening, his dueling potential), but you get great and MUCH-NEEDED utility through the movement speed. Many Olaf players seem to like the idea of movement speed on Ragnarok.
Please, Riot. I don't know how else to express desperation. Don't buff Olaf. It fixes nothing. REWORK him.
Reference threads:
http://forums.na.leagueoflegends.com/board/showthread.php?p=48528898#post48528898
http://forums.na.leagueoflegends.com/board/showthread.php?p=48522786#post48522786 ^^ Suggestions.