JSFiddle - React, Tailwind, and code Playground

HTML

<link rel="stylesheet" href="http://ajax.googleapis.com/ajax/libs/jqueryui/1.8/themes/dot-luv/jquery-ui.css">
    <a id="click">click here</a>
    <a id="click2">click here2</a>
    <p id="test1">Test 1</p>
    <p id="test2">Test 2</p>

JavaScript

(function($) {
  $.fn.setColorTest = function(options) {
    var defaults = { color: '#000' }; //getting overwritten, needs to be per instance
    options = $.extend(defaults, options);
    return this.each(function() {
      $(this).css({ 'color': options.color});
      console.log(defaults.color);
    });
  }
})(jQuery);

$('a#click').click(function() {
     $('#test1').setColorTest();
     return false; 
});  
$('a#click2').click(function() {
    $('#test2').setColorTest({color: '#fff666'});
    return false; 
});