STIR sweetened condensed milk, preserves and lemon juice in large bowl until blended.
STIR in whipped topping, yogurt, lemon peel and food color, if desired, until completely blended. Cover and chill at least 45 minutes for best flavor. Serve over fruit salad, sliced pound cake, French toast or waffles.
Courtesy of Smucker's® Orchard's Finest® Preserves