What LED lights are the best tools for you to light paint subjects at night? Let's start with the most inexpensive light painting choices and work our way up.
What Is Light Painting?

Light painting is a term that is often used loosely to describe any addition of light to a night photograph. It's often used as an umbrella term that includes light drawing, light writing, and kinetic light painting/camera rotation (moving the camera instead of the light).
Specifically, though, light painting uses a handheld light source to illuminate a scene during a long exposure. You are quite literally painting light on a subject. Your light is your brush. And just like with painting, you often use smooth strokes to try and achieve a nice, even "coat" of light. Night photographers have used this technique for many decades.
You are able to walk around with your light and illuminate your subject and scene from many different angles. This allows you to be endlessly creative, opening up many possibilities that would be time-consuming, difficult, or impossible to do with stationary lights.
Want to learn more about the art of light painting? Read The Beginner's Guide to Light Painting Subjects.

Great Budget LED Light Painting Options
Light Painting With White Light

If you want to light paint using white light only, I would recommend the Wurkkos FC11. It holds detail well and has a pleasing warm white light. Even better, it's inexpensive. It charges via USB but allows you to change the battery and has a rugged build.

But I Really Want To Use Color!

Rosco makes a Roscolux Swatchbook sample booklet of colored theatrical gels. Buy these and tear apart the book. Then simply choose the color you want and hold it in front of your flashlight. Easy.
There are also numerous inexpensive lights that you can find on Amazon and elsewhere that produce anywhere from 4 to 10 different light colors. While these don't hold as much detail or have as pure of a light, you can still do some good, interesting lighting with these lights.
Can We Use RGB LED Panels for Light Painting?

I'm glad you asked. Absolutely. Simply use it as a handheld light instead of a stationary light (which isn't really light painting anyway, since, well, you're not brushing on the light). I use a Lume Cube RGB Panel Pro 2.0, which has a high-quality light and holds detail well.

REO Speedwagon. I used a warm white light from a handheld Lume Cube RGB Panel Pro 2.0 to light paint the exterior of the REO Motor Works truck, using a similar angle as the moon. I also used a red light from the panel to light the interior.
You may need to wrap black Cinefoil or something similar around it to prevent the panel from shining into the camera lens if you are walking through the scene.
Another possibility is a Luxli Viola RGB light panel. There are some that have light modifier accessories that surround the light, similar to what you are doing with Cinefoil, so it prevents you from inadvertently shining the light into the camera lens and causing giant streaks.
If you are on a budget, you can still do high-quality lighting with one of the SmallRig LED panels.
I rarely see people light painting with RGB LED panels. Most use them for stationary use. But handholding them is liberating, allowing you to illuminate the subjects and scene from many different angles, opening up a world of creativity for you.
High-Quality LED RGB Flashlights for Light Painting

Currently, the highest-quality LED flashlight with RGB that I know of is the Ants on a Melon RGB Critter BT. It has a high-quality light and holds detail well. It produces any color under the rainbow.
The RGB Critter BT uses the Ants on a Melon app, allowing you to save an infinite number of color settings in several different ways as well as control many other parameters. It's a well-designed, elegant interface. The downside, I suppose, is that you do have to use two devices instead of simply using the flashlight alone. However, if there's a better-quality RGB flashlight currently in production, I don't know about it.
The Highest Quality LED RGB Flashlight for Light Painting
ProtoMachines
The light that I use most often is a ProtoMachines light. It's specifically and meticulously designed for light painting scenes and subjects. The ProtoMachines light offers easily accessible, on-the-fly control over saturation and brightness from 1–100%, a timer, user presets, and more. The form function is perfect.
However, I want to stop you before you get too excited. There are a couple of issues before you bust out your wallet.
One issue is that they will drain your wallet in a hurry. Their products range in price from the Radium LED light wand at $249 to the LED8 at $559. Tell your spouse how much you are spending on a flashlight that makes funny colors and see how that goes!
The other is that, as of this writing, ProtoMachines lights are no longer in production.

I know they're expensive. But there are times in which you have to treat yourself. The form factor, quality of light, and ease of use to inspire creativity are second to none. They promote creativity instead of inhibiting it. They are, in short, the best.
If you're still interested, consider emailing ProtoMachines and asking to be placed on a waiting list so you can be notified when they release new products. Let's cross our fingers that they release something sooner rather than later!

What Are You Using To Light Paint Subjects?
Do you use any of the lights here? Do you have any light painting tools that you would recommend? Please leave them in the comments!
I currently use a Coast HP7 flashlight for white light and I also sometimes use a Lumenshooter RGB flashlight. I also have two DigitalFoto RGB panels and a LumeCube mini panel.
Those are really good flashlights for light painting. I'm not familiar with the Lumenshooter. How is that?
RGB panels are surprisingly good for doing handheld light painting, especially if you use Cinefoil or otherwise direct the light (and block it from shining in the lens, of course).
Thanks, Keith!
Not sure why you are recommending the proto units. They are sold out, discontinued and unavailable
Several reasons, Paul, and thank you for the comment, which I always appreciate.
1.) They're the best.
2.) Some people purchase items used.
3.) I clearly mention that they are no longer in production, and say, "If you're still interested, consider emailing ProtoMachines and asking to be placed on a waiting list so you can be notified when they release new products. Let's cross our fingers that they release something sooner rather than later!"
I hope this helps!