I need some help with my JS codes

[maxpen]

So what is wrong with this code?

<script src="{T_THEME_PATH}/js/jquery.tipsy.min.js"></script>

<script>
$(function() {
$("a").tipsy({
show: function (e, $el) {
    $el.fadeIn(500);
},
content: '<em>Look ma</em>, my tooltip has <strong>HTML</strong>',
delay: 200
 })

$("img").tipsy({
delay: 200,
show: function (e, $el) {
    $el.fadeIn(500);
},
content: '<em>Look ma</em>, my tooltip has <strong>HTML</strong>'
})
$("element").tipsy({gravity: jQuery.fn.tipsy.autoNS}); //old code remains, keep this intact. As a        reference.

});

The code above doesn't work:

[maxpen]

Updated, with code that should work but does not. I want to provide a fadeIn and fadeOut animation that is longer then the default one if any is defined with no options.