If you want parent's .editlink
to hide after you move from them to their children then you can use this:
$('li').hover(
function(e){
e.stopPropagation();
$(this).parents('li').trigger('mouseleave');
$(this).children('.editLink').show();
},
function(e){
e.stopPropagation();
$(this).parents('li').trigger('mouseleave');
$(this).children('.editLink').hide();
}
);