Adding New Product Variation Options
From Metro Studios Knowledgebase
 Add New Product Variation Option
Log in to Admin section
Hover over Site Settings -> Advanced Settings and click on Structure
Click on Taxonomy
Choose which option you would like to Edit. From this page, you can either Add a new type of option, or edit an existing option.
 Add new Option
 Edit Existing Option
For this example, we will use Color.
Next to Color, click on list terms.
This page will show you all of the existing color options available already.
Click Add term
Simply type the name of the color that you would like to create in the Name field. For this example, lets say we want to add the color Pink. Type Pink into the Name field and click Save.
*This will display on the site exactly how you type it, so make sure your color is spelled correctly and you follow the standard format currently in place; Capital first letters of each word.
Once you have saved the new color option, you will now be able to use this new color on product variations of your choice.