[jQuery] Problem in alerting the mouseover values

Hi all,
I am playing around with jquery.autocomplete.js file since last couple
of days. There is a function inside this file name "function init()",
inside this there is a "function(event)" which takes care of mouseover
events. have a look:
function init() {
    if (!needsInit)
        return;
    element = $("<div/>")
    .hide()
    .addClass(options.resultsClass)
    .css("position", "absolute")
    .appendTo(document.body);
    list = $("<ul/>").appendTo(element).mouseover( function(event) {
        if(target(event).nodeName && target(event).nodeName.toUpperCase() ==
'LI') {
active = $("li", list).removeClass(CLASSES.ACTIVE).index
(target(event));
         $(target(event)).addClass(CLASSES.ACTIVE);
            //getSubList('Computers');
            //alert($(event.target).list);
            //alert($(target(event)).element.parentNode);
            //alert($(target(event)).element.value);
}
    }).click(function(event) {
        $(target(event)).addClass(CLASSES.ACTIVE);
        select();
        // TODO provide option to avoid setting focus again after selection?
useful for cleanup-on-focus
        input.focus();
        return false;
    }).mousedown(function() {
        config.mouseDownOnSelect = true;
    }).mouseup(function() {
        config.mouseDownOnSelect = false;
    });
    if( options.width > 0 )
        element.css("width", options.width);
    needsInit = false;
}
if you look at closely on the commented lines inside function(event)
added by me, you will find that I am trying to alert the mouseover
value, but I am not getting success in it, I am getting errors like
"undefined", "[object Object]" but not getting the actual value.
My motto is when once I get the mouseover value, I will pass it to a
function [like //getSubList('my_alerted_value');] and use that value
in my html code.
Please help me on this and let me know how should I able to alert the
mouseover value.
Thanks a lot in Advance
Puneet