color_picker.htm locate at wp-includes/js/tinymce/themes/advanced/ is from TinyMCE version 2.0.9, however color_picker.js located at wp-includes/js/tinymce/themes/advanced/jscripts/ seems to be from TinyMCE version 2.1.1 and is incompatible with previous versions.
Fix
add colorpicker.css to wp-includes/js/tinymce/themes/advanced/css/
add colors.jpg to wp-includes/js/tinymce/themes/advanced/images/
overwrite the current color_picker.htm with the one from TinyMCE version 2.1.1.1
Attached - the 3 files mentioned above.