Rotating list elements with jquery

I am trying to get a bunch of list elements to rotate (fade out the first, fade in the next and so on). I’ve got it working using setInterval as any jquery plugins weren’t working in IE.

What I have now works in IE, the problem I’m having is universal and I can’t find the bug. Please have a look and see if you can see what I’m missing.

On the front page, the first li element works fine, but when the second and third li element fades in, the h2 element shows twice (please look at it to see what I mean).

Thanks guys.