This gist is for showing an example of a custom wordpress menu.
If you want to get more from the menu item simply have a look at the $item object. i.e:
// Will return a large object with lots of props like title, url, description, id etc.
var_dump( $item );
This code works on Wordpress 4.1.1 as of 31st of March 2015
SpartakusMd is right. I have to add that you must also have an 'isset' on both '($menu_items[$count + 1]->menu_item_parent)' pieces of code, or you'll get a property of non-object error. Also on the first 'isset' since you're closing the '' tag, make sure you use an else statement to close the tag even if it isn't set, or else you'll be missing a closing tag. I also tested it to multiple levels but it doesn't go that far.