jquery slider loop thing

gistfile1.js

//Originally from http://trendmedia.com/news/infinite-rotating-images-using-jquery-javascript/

var InfiniteRotator =
    {
      itemInterval: 3000,
      infiniteLoop: function() {
          setInterval(function(){
            $('.sliderItem').eq(currentItem).stop().transition({opacity: 0},2000);

            //if at last item, reset currentItem to 0
            if(currentItem == numberOfItems -1){
                currentItem = 0;
            }else{
                currentItem++;
            }

            $('.sliderItem').eq(currentItem).stop().transition({opacity: 1},1000);

          }, InfiniteRoator.itemInterval);
        },
        init: function()
        {
            //set values
            var initialFadeIn = 1000,
                fadeTime = 2500,
                numberOfItems = $('.sliderItem').length,
                currentItem = 0,
                infiniteLoop;
           
            //fade in initial slide
            $('.sliderItem').eq(currentItem).stop().transition({opacity: 1},2000);
    
            //start looping through slides 


            //interrupt loop when hovering over navigation
            $('#sliderNavigation li a').hover(
                function () {
                    currentItem = $(this).closest('li').index();
                    clearInterval(infiniteLoop);
                    $('.sliderItem').stop().transition({opacity: 0},2000);
                    $('.sliderItem').eq(currentItem).stop().transition({opacity: 1},1000);
                },InfiniteRotator.infiniteLoop());
        }
    };
 
InfiniteRotator.init();

I appreciate your help on this. There's a working version of the old code here: http://knocktastic.com/clients/unleashed/slider/

I'd really like to get it so that the hover/pause event can be a callback so that I can reference it outside of this code. Ultimately, I want to turn it into a jquery plugin, but I'm more interested in learning how the object literal syntax works.