you need to specify the size of the buffer, but you can certainly read something into that buff that is shorter and it will time out eventually
char s [80];
void
loop ()
{
if (Serial.available ()) {
memset (s, 0, sizeof(s));
Serial.readBytesUntil (':', s, sizeof(s));
Serial.println (s);
}
}
void
setup ()
{
Serial.begin (9600);
}