Text animate between colors

Text animate between colors

Hi everyone,
I am trying to get regular text in div "newslink" to pulse back & forth between two different colors- hopefully infinitely, if possible.

Here's the code:
<script type="text/javascript">
  $j(function() {
    $j('#newslink').animate({ color: "black" }, 500);,
    function() {
     $j('#newslink').animate({ color: "red" }, 500);
    };
  });
</script>

Can someone help me fix this code?  

Thanks,  Bill