Peel, halve, and core apples. Cut into 2-in chunks. Place in 5-qt saucepan with apples juice and butter. Bring to a boil; reduce heat to medium. Simmer, covered, 15 minutes or until apple is very tender.
Crush apples with a potato masher until chunky. Stir in strawberry preserves and food color, until blended. Serve warm or chilled.
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