Consider the crude example:
% you have some plots already
plot(-0.5:4.5,0.5:5.5)
cmap = winter(5); % use the colormap
for k = 1:5
t(k) = text(0,k,sprintf('this is label #%d',k),'FontSize',16);
t(k).Color = cmap(k,:); % just set the color
end
Note that t is an array of graphics handles instead of a scalar handle. If you were to need to change the text objects later, you'd still be able to.
