Depending on the group's ages, I might start out by going over the colors. Then I ask what color rug they think the ladybug is under.
If they said yellow, all together we would say "Ladybug, ladybug, are you under the yellow rug?"
"Nope! Not under the yellow rug. What color should we try next? Pink? Ok, all together- ladybug, ladybug, are under the pink rug?"
"There you are! The ladybug was under the pink rug the whole time!"
I really liked this idea because the Little Mouse guessing game was already very popular with my group and this version was no different! Sometimes I bring out Little Mouse twice in the same storytime so it's nice having an alternative. I've found that it's a good way to refocus an antsy group--plus it was very quick to make.