The question was already asked on the physic stack exchange: https://physics.stackexchange.com/questions/31201/might-a-planet-perform-figure-8-orbits-around-two-stars
I can add that the difference in mass between the stars is not important as long as the planet moves on the ridge as explained in the example.
About red stars: Red is just a color, they can be small: red dwarf or large : red giant.
red giant are at the end of their life. This state is only temporary so I would not recommend it. Red dwarfs are stars with a long life expectancy. Some of them are also flare stars that haver large variations in brightness but some are more stable.
Blue/white: It's the same about the blue and white stars. They can either be dying stars or normal stars. Keep in mind that stars of that color are usually very hot when they are in their main sequence (adulthood for stars). They are large and massive but have a short life.
White dwarfs, These are old dying stars. When small to medium sized stars arrive at the end of their normal life, they become a red giant. Then, it will contract and become a white dwarf. They are very hot at the start but cool down very quickly. The temperature never stabilize but with time it will become almost stable.
You can find more about the stellar classification of colors here: http://en.wikipedia.org/wiki/Stellar_classification
and other informations about star here : What kind of star should I use for my world?
Possible combinations using the Wikipedia table:
If you want the planet to develop life, you can't have a really big star. O and B stars are out and A stars are really at the limit. They live for 1 or 2 billion years if I remember correctly. This is a very short period of time for life to evolve but it's possible.
Most likely combination: Red dwarf (M star) and white dwarf. Similar mass.
This is a stable couple. Not very hot or very bright, the planet will need to orbit relatively close to them to have enough heat. It's hard to tell the influence on the temperature since I don't have the parameters of each star but don't put the planet too far. It is probable for the red star to be the hottest star. The white star is hotter but smaller and this usually mean that it will be a dim star.
Possible problem: natural satellites are likely to break the balance of force toward one or the other star when the planet is between the two stars.