clearing text box value

clearing text box value

i want to clear the default value of textbox,
i wrote this code,

please tell me whats wrong with this?

<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
<html xmlns="http://www.w3.org/1999/xhtml">

<head>
<meta content="text/html; charset=utf-8" http-equiv="Content-Type" />
<title>Untitled 1</title>
<script type="text/javascript" src="jquery-1.3.min.js"></script>
<script type="text/javascript">
   $(document).ready(function(){
      $(':reset').click(function(){
         $(':text').val('');
      });
   });
</script>
</head>

<body>
<form action="som.php" method="post">
<input type="text" value="defult" />
<input type="reset" value="clear" />
</form>
</body>

</html>