I have a div which has some text content( eg: My Name ) and the div is in RED background colour
Any particular reason you want to do this in jQuery as opposed to css3?
Bootstrap has a pretty nifty way of achieving this -> http://getbootstrap.com/components/#progress-animated
The .progress-bar class has a css3 transition set on the width property, so as you move between 0% & 100%, any updates to the width are smoothly animated. It also uses a css3 animation to animate the background gradient (striped pattern).