Combine 1 1/2 c apple juice, candies, food coloring, vanilla, and apples in a saucepan. Bring to a boil. Simmer until apples are tender, stirring frequently. Combine remaining 1/4 cup apple juice and corn starch; stir into apple mixture, and cook until thickened. Remove from heat, and let cool.
Spread apple mixture into pie shell, and chill for several hours. Before serving, top with whipped topping and sprinkle with cinnamon if desired.