Extreme memory leaks in IE7 and Firefox 3.5.2 when using replaceWith() in jquery 1.4.2

Extreme memory leaks in IE7 and Firefox 3.5.2 when using replaceWith() in jquery 1.4.2

Hi,
I'm seeing some huge memory leaks mainly in IE, where the code below adds 6 MB to the IE process every time it refreshes (if I set the timer to refresh every 30 seconds in a few hours I see IE using 1.5 GB of ram). Firefox also exhibits the same problem, although not as badly as IE. What is it that I'm doing wrong? I commented out the replaceWith part and the memory leaks stop, so I'm confident that's the line that bumps up the memory usage. The data that comes back from the server is only 42 KB, so I must be missing something since the memory usage goes up by 6 MB (Firefox is leaking as well, about 1 MB per refresh)

function GetData(forcedRefresh) {
    $("#refreshTimer").hide();
    $("#refreshData").show();
    try {
        $.post(forcedRefresh == null ? $("#refreshTimer a.#originalURL").attr('href') + '?session=' + guid() : forcedRefresh, function (response) {
            $("#data").replaceWith($("#data", response));
            $("#refreshData").toggle();
            $("#refreshTimer").toggle();
            $("#refreshTimer").replaceWith($("#refreshTimer", response));
            $("#refreshTimer label").everyTime(1000, 'controlled', function (i) {
                var timeRemaining = 30 - i;
                if (timeRemaining > 0) {
                    $(this).html(timeRemaining);
                }
                else {
                    $("#refreshTimer label").stopTime('controlled');
                    GetData();
                }
            });
        });
    }
    catch (Error) {
    }
}

Thanks