I didn't find any of the previous solutions to be adequate enough due to bad performance, so I made my own that uses simple math instead of looping. Should work fine in all browsers as well.
According to this performance test case it is much faster then the other solutions found here.
(function($) {
$.fn.textfill = function(maxFontSize) {
maxFontSize = parseInt(maxFontSize, 10);
return this.each(function(){
var ourText = $("span", this),
parent = ourText.parent(),
maxHeight = parent.height(),
maxWidth = parent.width(),
fontSize = parseInt(ourText.css("fontSize"), 10),
multiplier = maxWidth/ourText.width(),
newSize = (fontSize*(multiplier-0.1));
ourText.css(
"fontSize",
(maxFontSize > 0 && newSize > maxFontSize) ?
maxFontSize :
newSize
);
});
};
})(jQuery);
If you want to contribute I've added this to Gist.