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Formula field to return picklist values?

I have created a field Colors which is a picklist having name of several colors in an object Color.

How can i access this field and its values as a picklist in other objects as several other object required the same field and its not posssible to create same field again and again. I have tried to create a look up but when i create a formula field to access its values its returning an error.

Best Answer chosen by Admin (Salesforce Developers) 

It’s not possible, you need to give values to these picklist manually. Because using formula field you can access values of field for a particular record (ie. Single value) not all the valus of picklist.