Error in IE8 with HTML5/flash video script

I have this website running small videos on hover

Problem is that in IE8 and 7 I get errors “object is null or undefined” and I have no idea how to fix it. The script should fall back from HTML5 to Flash if the browser (like IE8) does not support HTML5.

Spend some time on it yet no idea what to do. Anybody would have any idea how to fix it?