{% if product.variants[forloop.index0].metafields.color.values and option.name == 'Color' %}
  <label for="{{ section.id }}-{{ option.position }}-{{ forloop.index0 }}" style="background-color: {{product.variants[forloop.index0].metafields.color.values}}">&nbsp;
  </label>
{% else %}
  <label for="{{ section.id }}-{{ option.position }}-{{ forloop.index0 }}">
    {{ value }}
  </label>
{% endif %}