Heat olive oil in a skillet over medium-high heat.
Saute the pears until caramelized; set aside to cool.
Meanwhile, in a medium bowl combine flour, baking powder, salt and pepper; form a well in the center. In a small, separate bowl beat the egg with the milk and pour into the dry ingredients; mix well.
Gently fold pears into the batter.
Heat deep fryer to 350 degrees F (175 degrees C). Drop batter by rounded spoonfuls into hot oil, and fry until golden brown.