I am not sure who created the song, or whom to attribute it to.
The song uses the signs for each color to get your kinesthetic learners involved with learning and practicing their colors.
This coloring page uses the colors in the order the song sings them. It is an opportunity for students to practice colors in an order other than the traditional rainbow pattern.
Fine motor practice to teach kids to try and write correctly within the lines, then color in their white spots to build their hand muscles.