Best way to create a simple animation using sequence of images

Best way to create a simple animation using sequence of images

Have a look at this fiddle -  http://jsfiddle.net/BT2wk/8/

I am just trying to create a smooth animation by quickly swapping some images. For this i used .fadeIn() and .fadeOut() methods but it is making my images flicker. I have tried tweaking the speed but it always flickers. I wish to create a smooth animation. 
Am i using the right approach or methods for creating my animation or is there a better way ? If fadein fadeout are the methods for me, then can you tell me how can i remove flickering from it?