yawn.js

var div = document.createElement('div');

var wraps = {
	'option': [1, '<select multiple="multiple">'],
	'legend': [1, '<fieldset>'],
	'thead' : [1, '<table>'],
	'tr'    : [2, '<table><tbody>'],
	'td'    : [3, '<table><tbody><tr>'],
	'col'   : [2, '<table><tbody></tbody><colgroup>'],
	'area'  : [1, '<map>'],
};

wraps['optgroup'] = wraps['option'];
wraps['tbody']    = wraps['tfoot'] = wraps['colgroup'] = wraps['caption'] = wraps['thead'];
wraps['th']       = wraps['td'];

var keys = Object.keys(wraps);

keys.sort();

var needsToBewrapsped = new RegExp('^\s*<(' + keys.join('|') + ')', 'i');

function parseHTML(html) {
	var match = html.match(needsToBewrapsped);
	var node;
	if(match != null) {
		var wrap = wraps[match[1]];
		div.innerHTML = wrap[1] + html;
		node = div.firstChild;
		var deep = wrap[0];
		while(deep--) {
			node = node.firstChild;
		}
	} else {
		div.innerHTML = html;
		node = div.firstChild;
	}
	return node.parentNode.removeChild(node);
}

console.log(parseHTML('<option value="1"/>'));