In this letter, we study the blocking probabilities in an asynchronous optical packet/burst switching system with full wavelength conversion. Most of the existing work use Poisson traffic models that is well-suited for an infinite population of users. In this letter, the optical packet traffic arriving at the switching system is modeled through a superposition of a finite number of identical on-off sources. We propose a block tridiagonal LU factorization algorithm to efficiently solve the two dimensional Markov chain that arises in the modeling of the switching system.