Pink lemonade is a variant of traditional lemonade, which has an added ingredient that makes it pink. The added ingredient can be red food dye, strawberry juice, cranberry juice, or any other fruit juice that gives it a pink hue without overshadowing the lemon flavor. Therefore, the flavor of pink lemonade is mostly just classic lemonade, but with a faint twist of whichever thing it is thats making it pink. Some recipes may have a very slight watermelon flavor. In summary, pink lemonade tastes almost identical to lemonade, but with a pink hue.