Fiddle: http://jsfiddle.net/LkqTU/9399/
Code:
var ViewModel = function (first, last) {
var self = this;
self.showIcon = ko.observable(false)
The answer provided by Adi Mihasan almost worked for me. I had to make the following changes, which may also help others.
$(element).tooltip("destroy");
to
$(element).tooltip("dispose");
AND
$(element).data("bs.tooltip").options.title = options.title
to
$(element).data("bs.tooltip").config.title = options.title