Black_Star,
<!DOCTYPE html>
<html>
<head>
<title>Untitled</title>
<meta charset="utf-8">
<style type="text/css">
</style>
<script src="https://ajax.googleapis.com/ajax/libs/jquery/1.12.4/jquery.min.js"></script>
<script>
$(function() {
var item = $("#list li"), indx = -1, len = item.length;
(function go()
{
item.eq(indx).css("color", "")
indx = ++indx % len;
item.eq(indx).css("color", "green")
setTimeout(go,1000)
}())
});
</script>
</head>
<body>
<ul id="list">
<li>Один</li>
<li>Два</li>
<li>Три</li>
<li>Четыре</li>
</ul>
</body>
</html>