Watermarked fields flickers

What steps will reproduce the problem?
1.focus on input field with watermark (do not fill any information)
2.Take away focus to another program/screen
3.Come back on the main screen but this time focus on another watermarked input 
field (do not select the same field selected earlier).

What is the expected output? What do you see instead?
Current:
1. The field selected earlier and the field selected later starts flickering. 
The subsequent fields also starts flickering on focus.
2. Data entered into one flickering field get copied over to all fields.

Expected:
1. Fields should not flicker and the cursor should stay on the focused field.

What version of the product are you using? On what operating system?
IE 8/ Windows 7

Please provide any additional information below.
1. Issue occurs on dual screen operations. either with dual monitor or two 
windows side by side on the same screen.
2. reproducable on input fields only. Dropdowns are working fine.

Original issue reported on code.google.com by rahul.pa...@gmail.com on 26 Jun 2013 at 3:41

google-code-export / jquery-watermark

Watermarked fields flickers #112