I have used these in my K-1 classroom to help with everything spelling, one to one correspondence, letter recognition, and fun!
I teach the song to the whole class with it written or displayed on the board. I then pass out a copy to each student and have them circle with color word with the corresponding color. They then decorate the page with the things that are mentioned in the song (ex: red - stop signs and strawberries) and if there is extra time they may draw other things that are allow that color. By the end of the year each student has a song book and we have an end of the year production!
If you want to hear them sung check out my youtube page Litera-Sing: https://www.youtube.com/channel/UCHw4RgzxPoyaw7SFCZuTkqA