You can find the drop-down box under the of a polyShape node, under .
Use this feature to color your vertices based on influence colors or based on a color set.
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Select this option to color your vertices based on the current color set. Add paint to your geometry, for example, by using
the and select from the drop-down list to see the vertex coloring in the scene. Select to display the vertices to see their coloring.
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Select this option to color your vertices based on influence colors. After binding your geometry to a skeleton or joint, is automatically set to . Display vertices to see the vertex coloring in the scene.
See Coloring vertices in Viewport 2.0 for more information.