How do I select an item by its text value in a dropdown using jQuery?

Question

If I had the following select, and did not know the value to use to select an item in advance like in this question or the index of the item I wanted selected, how could I s

Answer 1

function SelectItemInDropDownList(itemToFind){    
         var option;
         $('#list option').each(function(){
             if($(this).text() == itemToFind) {
                 option = this;
                 option.selected = true;
                 return false;    
                }
           });  }

I only modified the previous code because it only located the option in the select list, some may want a literal demonstration.