Color-magnitude relations have been derived in the clusters RX J0849+4452 and RX J0848+4453 at z~1.26. The color-magnitude relation was determined from Advanced Camera for Surveys imaging in the WFC F775W (i_775) and F850LP (z_850) filters combined with ground-based spectroscopy. Early-type cluster candidates have been identified according to the Postman et al. morphological classification. In both clusters the bright red early-type population defines a tight color-magnitude relation very similar in color, although the two clusters present different X-ray luminosities and shapes, with RX J0849+4452 being three times more X-ray luminous and more compact, and having a temperature two times higher. The elliptical galaxy color-magnitude relations (CMR) in RX J0849+4452 and RX J0848+4453 show an intrinsic (i_775-z_850) color scatter of 0.026 +/- 0.012 mag and 0.024 +/- 0.015 mag, respectively, within 2 arcminutes (~1Mpc at z=1.26) from the cluster X-ray emission centers. Simple modeling of the scatters using stellar population models from Bruzual and Charlot, gives a mean luminosity-weighted age t > 2.5 Gyr (z_f > 2.75). S0 galaxies follow the elliptical CMR; they show larger scatters about the CMR. The intrinsic scatter decreases and the CMR slopes are steeper at smaller radii, within both clusters. We conclude that old stellar populations in cluster elliptical galaxies are already in place at z=1.26, both in the more evolved cluster RX J0849+4452, and in its less evolved companion RX J0848+4453. Even at a lookback time of 9 Gyr, in the early merging and buildup of massive clusters, the bulk of the stellar content of the bright elliptical galaxy population was in place - apparently formed some 2.5~Gyr earlier at z~3