Which plugin to replicate this Flash hover animation in jQuery?

I’m fairly new to using jQuery animation to replicate Flash like animation. In particular, I’m hoping you could please point me in the right direction to replicate the following Flash hover animation in jQuery? Any plugins that would help? Here’s the flash template below:

http://www.templatehelp.com/preset/pr_preview.php?i=24157&pr_code=IY9P88mxzw4gs37NJlErsF01E23P6C

I have already created all the necessary frames for the circle “rings” for the big circle. Not quite sure what I need to do about the smaller floating circle. I came across this plugin, not sure if it is the right one: Frame Animation Plugin for jQuery | jQuery Plugins

Any help would be greatly appreciated. Thanks in advance!