The safest option is always to head for out of the box but from your question the use case isn't quite clear.
If you simply require a list to be presented to an editor with no context of color etc. - i..e 'just a list' then select the option in the schema field when creating it 'Values will be Selected from a List'.
You can then select whether you want to use a Category/Keyword construct to manage the list or you can add a specific 'Pick list' within the schema field itself. Note that immediately after this you have the option of selecting the method for the user to select (Drop down list, Radio buttons etc.).
The option to specify the list directly in the schema also applies to Robs comment (2) above.
If this is for use in a Rich Text Field then you will need to add more detail into the question above regards the expectations for the user and for the management of future updates/additions etc.