jquery slider loop thing

gistfile1.js

//Originally from http://trendmedia.com/news/infinite-rotating-images-using-jquery-javascript/

var InfiniteRotator =
    {
        init: function()
        {
            //set values
            var initialFadeIn = 1000;
            var itemInterval = 3000;
            var fadeTime = 2500;
            var numberOfItems = $('.sliderItem').length;
            var currentItem = 0;
           
            //fade in initial slide
            $('.sliderItem').eq(currentItem).stop().transition({opacity: 1},2000);
    
            //start looping through slides 
            var infiniteLoop = setInterval(function(){
                $('.sliderItem').eq(currentItem).stop().transition({opacity: 0},2000);
 
                //if at last item, reset currentItem to 0
                if(currentItem == numberOfItems -1){
                    currentItem = 0;
                }else{
                    currentItem++;
                }

                $('.sliderItem').eq(currentItem).stop().transition({opacity: 1},1000);
 
            }, itemInterval);


            //interrupt loop when hovering over navigation
            $('#sliderNavigation li a').hover(
                function () {
                    currentItem = $(this).closest('li').index();
                    clearInterval(infiniteLoop);
                    $('.sliderItem').stop().transition({opacity: 0},2000);
                    $('.sliderItem').eq(currentItem).stop().transition({opacity: 1},1000);
                },
                function () {

                    //sloppy, sloppy, sloppy repeat of setInterval function above
                    //how to isolate that function to make it callable outside of the init function?

                    infiniteLoop = setInterval(function(){
                    $('.sliderItem').eq(currentItem).stop().transition({opacity: 0},2000);
     
                    if(currentItem == numberOfItems -1){
                        currentItem = 0;
                    }else{
                        currentItem++;
                    }
                    $('.sliderItem').eq(currentItem).stop().transition({opacity: 1},1000);
     
                }, itemInterval);

                }
            );
        }
    };
 
InfiniteRotator.init();