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The Edittext has an attribute that defines the drawable to be used for the cursor.
Create the drawable:
my_cursor.xml
<?xml version="1.0" encoding="utf-8"?>
<shape xmlns:android="http://schemas.android.com/apk/res/android" >
    <size android:width="1dp" />
    <solid android:color="#FF0000"  />
</shape>
size android:width defines the thickness.
solid android:color sets the color.  
Attribute this drawable to the attribute android:textCursorDrawable:  
<EditText
    android:layout_width="match_parent"
    android:layout_height="wrap_content"
    android:textCursorDrawable="@drawable/my_cursor"/>
