Place the rhubarb in a medium saucepan and add a small amount of water, about 1/2 an inch. Add sugar and bring to a boil. Lower the heat and simmer for 10 to 15 minutes or until rhubarb is tender. Remove from the heat.
Add the cornstarch dissolved in 1/4 cup water and a few drops of red food coloring until desired color is reached.
Return the rhubarb sauce mixture to the saucepan and bring to a boil. Reduce the heat and simmer until thickened.
Serve over bread pudding, pound cake or ice cream.