There is no one answer to Olon or Ayampe. And, luckily, they are close enough to each other that if you don't like the one, you can pick up and go to the other in about 1/2 an hour's taxi ride. I don't remember how much we paid for taxis between the two, but it couldn't have been much more than $5 each way.
I haven't stayed overnight in Olon, but it is a lovely quiet little town with a marvelous beach and a couple of good restaurants. There is a large rock outcropping, topped by El Santuario Blanca Estrella del Mar, that cuts Olon off from the noise and partying of Montañita, but again they are close enough to each other that if you want to dip your toes into the wild-life of that surfer town, you can. Montañita is also the closest ATM, has a ton of restaurants and some shops.
I have stayed overnight in Ayampe, though, and my only hesitation in recommending it is that I hesitate to tell too many people about the good things there. But my wishes to see the locals prosper outweigh my desire to keep it all to myself. I've only stayed in one place, Casa Surf, but that has converted into long term stays for yoga and surfing enthusiasts, but the hosts are most welcoming, and any traveler with more than a week to spend would be welcome there.
I have eaten in and chatted with the owners/managers of several of the other spots in Ayampe--most have restaurants or cafés--and can recommend them highly. Keith & Marilyn at La Buena Vida get my highest recommendation. In our trips to Ayampe, theirs is the spot we visit most often. Los Orishas and Punta Finca Ayampe are also quite good. You can't beat the views at Punta Finca Ayampe, and Los Orishas not only has the best dinner restaurant (in my opinion) in town, the rooms are nice and while close enough to the beach to lull you to sleep with the crashing waves, the cabanas are set off in a little compound for privacy. We also walked past and stopped in to visit the owners of Las Cabañas de la Iguana, too. Right on the beach, yet still private--there really isn't much of a nightlife scene in Ayampe, thank goodness!
Saying all of this, I've still meant to stay a few nights in Olon--just haven't managed to do it yet. We have friends who run an eco-lodge just south of there outside Manglaralto. But day trips to Olon have been quite nice.
Edited: 6 years ago