Insert JQuery between Label tags?

Goal:  Color the asterisk red.

Here's the current markup:

<label for="edit-field-deliverable3-und-other">Demonstration Name *</label>

Here's what I'm trying to achieve:

<label for="edit-field-deliverable3-und-other">Demonstration Name <span style='color: red'>*</span></label>

Note: The code is autogenerated so I don't have the choice of manually inserting code into the label tag.
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Rainer JeschorCommented:
assuming you have no other HTML Markup in the labels, the following will work:
$(document).ready(function () {
   $("label").each(function () {
       $(this).html($(this).text().replace(/\*$/,"<span style='color:red'> *</span>"));

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Live sample:


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