Crossfade list elements

crossfade.js

function loopnews(){
	var $active = jQuery('div.newsTicker>ul>li.active'),
	$next = $active.next('li');
	//console.log($next);
	if($next.length != 1){
	$next = jQuery('div.newsTicker>ul>li:eq(0)')
	}
	$active.fadeOut(500,function(){
		$active.removeClass('active');
		$next.addClass('active').fadeIn(1000,function(){
			setTimeout(loopnews,3000);
		})
	});
}