Custom Field in VM2

[jobin@trixmedia.com]

Hi All,

           Is there any way to handle a situation like this in VM2.

          I have a product that has three different color say RED,BLUE,GREEN.
          Under each color different size is there like under RED size is X,XL etc. Is there any option in VM2.0 to handle this ?
          Is possible to handle this , with one custom plugin  ?
          Please help me to solve this problem. 
     
          Thanx in advance..