Использовать лексические переменные
<html>
<head>
<meta charset="utf-8">
<style>
</style>
</head>
<body>
<script>
Element = {
value: 1,
create: function(tagName, text){
var o = Object.create(this)
o.element = document.createElement(tagName)
o.element.innerHTML = text
o.element.onclick = function(){alert([this.innerHTML, o.value])}
document.body.appendChild(o.element)
}
}
Element.create("div", "foo")
</script>
</body>
</html>