Context UI does not work with versions above jQuery 1.5

When running any version of jQuery higher than 1.5, the end event handler in context_ui.js never fires successfully. The following block is skipped, and the css class changes are never performed. This causes the "Save" and "Reset" buttons to stay hidden:

        // Handler for end event.
        editor.bind('end.pageEditor', function(event, context) {
          $(document.body).removeClass('context-editing');
          $('div.contexts div.context-editable', this).hide();
          $('li.context-editable').removeClass('context-editing');
          $('form.context-editor').addClass('edited');
        });

If we downgrade our jQuery Update to jQuery 1.5, the code works correctly.