Depends on where you are in Colorado, and how much you're concerned with following the letter of the law.
In Denver, for the past several years, it's technically been illegal to run anything but the factory exhaust. But that, so far, has turned out to be all bark and no bite.
For the rest of the state, if all that is required is a "muffler" and no other specifications are made, then I'd say you're at the mercy of the officer who pulls you over and the prosecutor. Don't make a nuisance of yourself and you'll be fine.