I have both.One tree with white lights and two with multi-color.For several years we did red,white and green blinking/chasing.My all time favorite was back in the day when my son was little(he's 35 now) we always had a real tree with C7 clear colored twinkling lights and we would lie on the floor and marvel at the images on the ceiling created by the lights twinkling through the tree branches.
'I will live in the Past, the Present, and the Future!' Scrooge repeated, as he scrambled out of bed. 'The Spirits of all Three shall strive within me. Oh, Jacob Marley! Heaven, and the Christmas Time be praised for this! I say it on my knees, old Jacob, on my knees!' (Charles Dickens A Christmas Carol)