Recipe(tried): Butternut Pound Cake with Caramel Sauce

Butternut flavoring is the red color you are referring to.
I have used this recipe with the Watkins brand Butternut flavoring, but have found that other brands of butternut flavoring work as well.

BUTTERNUT POUND CAKE WITH CARAMEL SAUCE

FOR THE CAKE:
1 cup butter, softened
1/2 cup shortening
5 large eggs
3 cups sugar
1 (5 oz.) can evaporated milk
3 1/4 cups flour
1/4 tsp. salt
1 tsp. Watkins Baking Powder
2 Tbsp. Watkins Butternut Extract
2 Tbsp. Watkins Vanilla, Double Strength
2 Tbsp. Watkins Butter Extract
FOR THE SAUCE:
1 cup brown sugar, firmly packed
1 cup half and half or liquid whipping cream
3 tbsp. butter
1 tsp. Watkins Caramel Extract

TO MAKE THE CAKE:
Beat butter and shortening until creamy. Gradually add sugar and beat 5-7 minutes. Add eggs, one at a time, beating until yellow disappears. Add enough water to evaporated milk to measure 1 cup.

Combine dry ingredients. Add to butter mixture alternately with milk mixture begin and end with flour. Stir in extracts. Pour into greased and floured 10 inch tube or Bundt pan.

Bake 325 degrees F for 1 hour and 25 minutes. Cool in pan for 10 minutes. Remove and cool completely. Serve with Caramel Sauce

TO MAKE THE SAUCE:
Combine ingredients in a heavy saucepan, cook over low heat. Stir occasionally 4-5 minutes or until thickened. Add extract. Serve warm over cake.