We present results of our intra-night optical flux monitoring observations of S5 0716+714 done simultaneously in gRI filters. The observations were done using Multicolor Imaging Telescopes for Survey and Monstrous Explosions (MITSuME) instrument on the 50 cm telescope at the Okayama Astrophysical Observatory over 30 nights between 11 March 2008 and 8 May 2008. Of these 30 nights, 22 nights have continuous (without any break) observations with duration ranging from 1 to 6 hours and hence were considered for intra-night optical variability (INOV). In total we have 4888 datapoints which were simultaneous in gR and I filters. Of the 22 nights considered for INOV, the object showed flux variability on 19 nights with the amplitude of variability in the I-band ranging from ~4% to ~55%. The duty cycle for INOV was thus found to be 83%. No time lag between different bands was noticed on most of the nights, except for 3 nights where the variation in g was found to lead that of the I band by 0.3 to 1.5 hrs. On inter-night timescales, no lag was found between g and I bands. On inter-night timescales as well as intra-night timescales on most of the nights, the amplitude of variability was found to increase toward shorter wavelengths. The flux variations in the different bands were not achromatic, with the blazar tending to become bluer when brighter both on inter-night and intra-night timescales; and this might be attributed to the larger amplitude variation at shorter wavelengths. A clear periodic variation of 3.3 hrs was found on 1 April 2008 and a hint for another possible periodic variability of 4 hrs was found on 31 March 2008. During our 30 days of observations over a 2 month period the source has varied with an amplitude of variability as large as ~80%.
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