Edit in JSFiddle

$(document).ready(function() {
    var j = 0;
    //millisecondi di ritardo tra gli elementi
    var delay = 2000; 
    function cycleThru(){
        var jmax = $("ul#bicycle li").length -1;
        $("ul#bicycle li:eq(" + j + ")")
            .animate({"opacity" : "1"} ,400)
            .animate({"opacity" : "1"}, delay)
            .animate({"opacity" : "0"}, 400, function(){
                (j == jmax) ? j=0 : j++;
                cycleThru();
        });
    };
    cycleThru();
});
<ul id="bicycle">
    <li>11 Lorem ipsum dolor sit amet. </li>
    <li>22 Ut enim ad minim veniam.</li>
    <li>33 Duis aute irure  dolor.</li>
    <li>44 Excepteur sint occaecat.</li>
</ul>https://jsfiddle.net/#save
ul#bicycle {
    width: 200px;
    border: solid;
    position: relative;
    overflow: hidden;
    height: 200px;
}
ul#bicycle li {
    font-size: 1.4em;
    padding: 20px;
    opacity: 0;
    position :absolute;
}