I was reading this article by Brandon Aaron here, about how jquery context may help. So i thought of doing a test of my own. So this is what I did.
Created
For what it's worth, $context = $("#context") is still using a jQuery object, which then has to be converted to a DOM object.
$context = $("#context")
If you use $context = $("#context")[0] you'll find that it runs just as fast as the first test.
$context = $("#context")[0]