Pandas conditional creation of a series/dataframe column

I have a dataframe along the lines of the below:

    Type       Set
1    A          Z
2    B          Z           
3    B          X
4    C          Y

I want to add another column to the dataframe (or generate a series) of the same length as the dataframe (= equal number of records/rows) which sets a colour green if Set = 'Z' and 'red' if Set = otherwise.

What's the best way to do this?