change the value of the button of the button clicked
On inserting the nue li, I have to set the value of the button clicked to Delete. How can I do that.  With the actual code, it`s working only once, and on adding other list, the button no more has the the value delete.    

 $("#mylist :button").click(function(){ 
              var text = $(this).val();
    		            if (text == "Delete") {
    		            $(this).parent().remove();
    		            }
    		            else{
    		            $(this).val("Delete");
    		            }
    		        });

    		        $("#categorylist li:last-child").live('click', function() { 
    		        $(this).parent().append('<li>' + '<input type = "textbox">' + '<input type = "button" value= "Save">' + '</li>');
                         
    		        });



<div>
    <ul id="mylist">
    <li id="1">1<button id="Button3">Delete</button> </li>    
    <li id="2">2<button id="Button2">Delete</button></li>
    <li id="3">3<button id="another_entry">Save</button></li> 
    </ul>
change the value of the button of the button clicked
===

On inserting the nue li, I have to set the value of the button clicked to Delete. How can I do that.  With the actual code, it`s working only once, and on adding other list, the button no more has the the value delete.    

 $("#mylist :button").click(function(){ 
              var text = $(this).val();
    		            if (text == "Delete") {
    		            $(this).parent().remove();
    		            }
    		            else{
    		            $(this).val("Delete");
    		            }
    		        });

    		        $("#categorylist li:last-child").live('click', function() { 
    		        $(this).parent().append('<li>' + '<input type = "textbox">' + '<input type = "button" value= "Save">' + '</li>');
                         
    		        });



<div>
    <ul id="mylist">
    <li id="1">1<button id="Button3">Delete</button> </li>    
    <li id="2">2<button id="Button2">Delete</button></li>
    <li id="3">3<button id="another_entry">Save</button></li> 
    </ul>