The color printing option is controlled by the print driver. Reinstall your print driver or swap it for a new one. The HP Universal Print Drivers should be compatible for this printer model. Any one of the 3 UPD versions should work for you depending on your printer needs. I suggest starting with the PostScript version first.
It is also possible to try and modify your current print driver to fix this problem. Take a look at your drivers Device Type and try the different settings that are available.
Configure the Device Type setting (Win7):
1. Navigate to your Devices and Printers folder
2. Right click the printer and select Printer Properties
3. Select the Device Settings Tab
4. Scroll down and change the Device Type setting
5. Click Apply and test