The Colorsound Tremolo is quite a choppy tremolo - it's a very specific sound, a bit of a one trick pony in that sense.  

There's some discussion around what are the right pots to use, and tricks for speeding up / slowing down the rate etc out there on forums.  I believe this is the second version, with the first version using three transistors.  See discussion on DIY Stompboxes

COLORSOUND TREMOLO  |   POINT-TO-POINT LAYOUT

SCHEMATIC