The best online reference I've found so far is Matt Kruse's JavaScript Toolbox - Color Picker Swatch Popup which suggests you look at http://www.javascripttoolbox.com/ which doesn't have any documentation about colorpicker.js. Here's a link to the cached version of the documentation page just in case the source page is taken down: http://webcache.googleusercontent.com/search?q=cache:nlxkcPxsepEJ:mattkruse.com/javascript/colorpicker/
The javascript file /wp-includes/js/colorpicker.js is minified and browsing it doesn't easily reveal anything. There's a lot more information in /wp-includes/js/colorpicker.dev.js but it's not as straightforward as it could be.
What you need to do:
Include the colorpicker javascript file:
wp_enqueue_script( 'colorpicker');
Create a colorpicker object and hidden div, preferably put this near the end of your page:
<SCRIPT LANGUAGE="JavaScript">
var cp = new ColorPicker(); cp.writeDiv();
</SCRIPT>
Set up the input field and picker anchor tag:
Color: <INPUT TYPE="text" id="color2" name="color2" SIZE="20" VALUE=""> <A HREF="#" onClick="jQuery('#color2').each(function(index){cp.select(this,'pick2');return false;});return false;" NAME="pick2" ID="pick2">Pick color</A>
Alternatively, you could also try this approach where you ditch the anchor tag and use some jQuery to handle the rest:
<INPUT TYPE="text" id="color2" name="color2" SIZE="20" VALUE="" class="jColorpicker" >
<SCRIPT LANGUAGE="JavaScript">
jQuery(".jColorpicker").bind("click", function(){cp.select(this,jQuery(this).attr(\'name\')); });
</SCRIPT>
Conclusion
This snippet of code is showing it's age and there are better options out there if you need a color picker. The more I try to use it the more I become frustrated with it.
jQuery UI doesn't have a native one (yet) but I am guessing that will come in time. For now, probably the best candidate is the jQuery plugin jPicker from Digital Magic Productions.