A two color Fabry-Perot laser subjected to optical injection in both modes is examined experimentally and theoretically. The theoretical analysis predicts a bistability between locked states due to a swallow-tail bifurcation, which is unique to the dual injection system. This bistability is confirmed experimentally and used as the basis for an all optical memory element with switching times below 500 ps. (C) 2011 American Institute of Physics. (doi: 10.1063/1.3605584