SO jQuery Fiddle

Test Fiddle mainly for SO Questions jQuery 1.4.3, UI 1.8.5

by Nick Craver

HTML

<link rel="stylesheet" href="http://ajax.googleapis.com/ajax/libs/jqueryui/1.8.5/themes/ui-lightness/jquery-ui.css">
<div id="slider">
  <ul>
    <li class='active'> a </li>
    <li> b &lt; </li>
    <li> c &lt; </li>    
    <li> d &lt; </li>
    <li> e &lt; </li>
  </ul>
</div>

CSS

.active { color: red; }

JavaScript

var toggleSlide = function(){
  $("#slider li.active").removeClass()
     .next().add("#slider li:first").last().addClass("active");
}
setInterval(toggleSlide, 1000);