$attributeModel = Mage::getModel('eav/entity_attribute')->getCollection()->addFieldToFilter('frontend_label', 'Color');
$attributeCode  = $attributeModel->getData('attribute_code') [0]['attribute_code'];

$attributeModel = Mage::getModel('eav/entity_attribute')->loadByCode('catalog_product', $attributeCode);

$data = [
    'option' => [
        'value' => [
            0 => [
                0 => 'Red',     // Admin
                1 => 'default', // Default store view
                // position   ???
                // is_default ???
            ],
            1 => [ 0 => 'Blue',  1 => 'default', 2 => 0 ],
            2 => [ 0 => 'Green', 1 => 'default', 2 => 0 ],
        ],
    ],
];

$attributeModel->addData($data)->save();

print_r($attributeModel->getData());
die;

<global>
....
....
<resources>
    <yourmodule_yournamespace_setup>
        <setup>
            <module>YourModule_YourNamespace</module>
            <class>YourModule_YourNamespace_Model_Resource_Setup</class>
        </setup>
    </yourmodule_yournamespace_setup>
</resources>
</global>

class YourModule_YourNamespace_Model_Resource_Setup extends Mage_Catalog_Model_Resource_Setup
{
  /**
     * Create Product attributes for select list
     *
     * @param string $attribute_code
     * @param array $optionsArray
     */
    public function addAttributeOptions($attribute_code, array $optionsArray)
{
        $tableOptions = $this->getTable('eav_attribute_option');
        $tableOptionValues = $this->getTable('eav_attribute_option_value');
        $attributeId = (int) $this->getAttribute('catalog_product', $attribute_code, 'attribute_id');
        foreach ($optionsArray as $sortOrder => $label) {
            // add option
            $data = array(
                'attribute_id' => $attributeId,
                'sort_order' => $sortOrder,
            );
            $this->getConnection()->insert($tableOptions, $data);

            // add option label
            $optionId = (int) $this->getConnection()->lastInsertId($tableOptions, 'option_id');
            $data = array(
                'option_id' => $optionId,
                'store_id' => 0,
                'value' => $label,
            );
            $this->getConnection()->insert($tableOptionValues, $data);
        }
    }

}

$data = array('value1','value2','value3');
$installer->addAttributeOptions('<attribute_code>', $data);

<?php
 error_reporting(E_ALL);
 require_once 'app/Mage.php';
 umask(0);
 echo "<pre>";
 /* not Mage::run(); */
Mage::app();
try
{
$installer = new Mage_Eav_Model_Entity_Setup('core_setup');
$installer->startSetup();

$color = array('Red','Green','Blue','Pink','Yellow','orange');
$iProductEntityTypeId = Mage::getModel('catalog/product')->getResource()->getTypeId();
$aOption = array();
$aOption['attribute_id'] = $installer->getAttributeId($iProductEntityTypeId, 'color');

for($iCount=0;$iCount<sizeof($color);$iCount++){
   $aOption['value']['option'.$iCount][0] = $color[$iCount];
}
$installer->addAttributeOption($aOption);

$installer->endSetup();
?>

function ambassUpdate($ambassName, $attr_id){
$installer = new Mage_Eav_Model_Entity_Setup('core_setup');
$installer->startSetup();

$aOption = array();
$aOption['attribute_id'] = $attr_id;

for($iCount=1;$iCount<sizeof($ambassName);$iCount++){
//for($iCount=1;$iCount<4;$iCount++){
    $aOption['value']['option'.$iCount][0] = $ambassName[$iCount];
    $aOption['order']['option'.$iCount] = $iCount + 10;
}

$installer->addAttributeOption($aOption);
$installer->endSetup();
return true;