problem with JQuery .animate in ie

problem with JQuery .animate in ie

I have written a little jQuery script to move the field names from ontop of the text fields to the left when a user clicks to type, what I have si working fine in ie, but throws an 'Invalid Argument' in ie 7. 

Has anyone encounterd this before?

jQuery version: jquery-1.4.2.min
OS: Windows XP
IE 6