'product' post type + 'color' taxonomy

gistfile1.php

<?php

// Register the post type and taxonomy
function init_product_cpt() {
	register_post_type( 'product', array(
		'public' => true,
		'label' => __( 'Products', 'my-plugin' )
	) );
	
	register_taxonomy( 'color', 'product', array(
		'label' => __( 'Color', 'my-plugin' )
	) );
}
add_action( 'init', 'init_product_cpt' );

// Register the column
function color_column_register( $columns ) {
	$columns['color'] = __( 'Color', 'my-plugin' );
 
	return $columns;
}
add_filter( 'manage_edit-product_columns', 'color_column_register' );

// Register the column as sortable
function color_column_register_sortable( $columns ) {
	$columns['color'] = 'color';

	return $columns;
}
add_filter( 'manage_edit-product_sortable_columns', 'color_column_register_sortable' );

// Display the column content
function color_column_display( $column_name, $post_id ) {
	if ( 'color' != $column_name )
		return;

	the_terms( $post_id, 'color' );
}
add_action( 'manage_posts_custom_column', 'color_column_display', 10, 2 );