There are 4 different colored paint splats. To use one of the new titles:
Go to 'Tools' > 'Titles and Credits' > 'Title on the selected clip'.
Type your text in the first box.
Click on 'change the title animation'.
Under your list of one line titles, find the new animation in the desired color:

Paint Splat (Blue)
Paint Splat (Green)
Paint Splat (Purple)
Paint Splat (Red)

As with other titles, you can change the font and other styling attributes. Finally, click 'Done'.
Adjust the title duration by shrinking/stretching the rectangle on the Title Overlay track.