$('.box').ColorPicker();

$(document).on('click', '.box', function(){
      $(this).ColorPicker();
});

<div class="colorpicker">
    <div class='box'>Color</div>
</div>

<input type="button" id="btn1" value="Add New Color Picker" />

$(function() {
    // Adding the Default colorPicker here
    $('.box').ColorPicker();

    $('#btn1').on('click' , function(){
        // Add the ColorPicker to the new Element added Here

        $('.colorpicker').append('<div class="box1">New Color</div>');
        $('div div').last().ColorPicker();

    });
});​