I think the coloring is a red herring. Arduino libraries use a syntax coloring file to enble the IDE to highlight keywords. Tinygps and NewSoftSerial are Class names that are used within the sketch so they are in the Syntax coloring file. The Time class name is not explicitly used in a sketch so its in the syntax coloring file and is not highlighted.
Something else is causing your problem. Are you quite sure that the Time library folder location is correct and that all the files are there?
I don't use OS X, perhap someone that does can check if they have any problems compiling the Time library example sketches.