[javascript] jQuery click / toggle between two functions

DEMO

.one() documentation.

I am very late to answer but i think it's shortest code and might help.

function handler1() {
    alert('First handler: ' + $(this).text());
    $(this).one("click", handler2);
}
function handler2() {
    alert('Second handler: ' + $(this).text());
    $(this).one("click", handler1);
}
$("div").one("click", handler1);

DEMO With Op's Code

function handler1() {
    $(this).animate({
        width: "260px"
    }, 1500);
    $(this).one("click", handler2);
}

function handler2() {
    $(this).animate({
        width: "30px"
    }, 1500);
    $(this).one("click", handler1);
}
$("#time").one("click", handler1);