Code:
on *:text:!setcolor*:#:{
  set %color. [ $+ [ $nick ] ] $2
  msg # $nick $+ 's favorite color is now $2 $+ .
}

on *:text:!favcolor*:#:{
  if ($2 == $null) {
    if (%color. [ $+ [ $nick ] ] == $null) { msg # $nick doesn't have a favorite color set yet. | return }
    msg # $nick $+ 's favorite color is %color. [ $+ [ $nick ] ]
  }
  else { 
    if (%color. [ $+ [ $2 ] ] == $null) { msg # $2 doesn't have a favorite color set yet. | return }
    msg # $2 $+ 's favorite color is %color. [ $+ [ $2 ] ]
  }
}


I kind of combined it. Here's how you do it
!setcolor Green
Color is now Green
!favcolor
Your fav color is Green
!favcolor User
User's fav color is ...


Nillens @ irc.twitch.tv
Nillen @ irc.rizon.net