Bug fix plus code enhancements, custom field with type = "color"

[a-fawzy]

Scenario:
Add custom field with type = "color"
Expected:
The field is rendered on the backend and whenever new color is selected the input box value will be updated.
Current Behavior:
The color is selected but the input value remains blank.

File: includes/lib/class-{custom-post}-admin-api.php
Function: display_field()
Section: Get saved data

Fixes plus code enhancements - should replace current lines of 35 to 66:
// Get saved data
$option_name .= $field['id'];
($post) ? $option = get_post_meta( $post->ID, $field['id'], true ) : $option = get_option( $option_name );
if ( isset( $option ) && $option != '' ) {
$data = $option;
} else if(isset($field['default'])){
$data = $field['default'];
} else {
$data = '';
}