Preheat the oven to 250ºF, and spray a 10x15x2 baking sheet with cooking spray, set aside.
Pour the popcorn into a large mixing bowl, picking out any unpopped kernels.
In a small saucepan, melt the butter, sugar, and corn syrup over medium heat. Stir constantly until the mixture comes to a boil. Reduce the heat to medium-low and cook for 7 minutes longer, stirring occasionally.
Remove from heat and stir in the vanilla, orange oil, and food colorings. Drizzle the sugar syrup over the popcorn kernels, tossing gently to coat the kernels. Pour the popcorn onto the prepared baking sheet.
Bake at 250ºF for 30 minutes, stirring every 10 minutes. Spread out on aluminum foil to cool, if desired. Stores tightly sealed at room temperature for several days.