Change button text (show / hide/ show) on click in jquery toggle

Question

I am working on this fiddle: http://jsfiddle.net/cED6c/7/ I want to make the button text change on click and I tried using the following code:

Answer 1

something easy like this

 $(document).ready(function () {
    $('a.edit').click(function () {
        var txt = $(this).text();
        txt = (txt !='cancel') ? 'cancel' : 'edit';
        $(this).text(txt);
        $('.editForm').toggle(300);
     });
});