I have some code implementing a context menu on a textbox, the context menu is to have an Undo and Redo item that calls the browsers native methods
I don't think it's possible with document.execCommand(), in Firefox at least. You could make your own undo stack, or in future use the new UndoManager API (implemented in Firefox 20 but disabled by default).
Here's an example of using your own undo stack by taking snapshots of the value and selection using the input event. You could improve this by merging consecutive typing events into a single undo item, for example. There is also some inconsistency between browsers with the caret position, but it's just a proof of concept.
http://jsfiddle.net/FMSsL/
Using the new DOM UndoManager API seems to be simple: if I understand it right and if the browser supports it, the element will have an undoManager property, which is an object with undo() and redo() methods, so the task is as simple as
document.getElementById("input").undoManager.undo();
Unfortunately only Firefox 20 and above supports the UndoManager API and it's disabled by default. Even once it's enabled, the following demo does not work even though I think it should, so this option is some way off being viable.
http://jsfiddle.net/DULV4/2/