A very nifty tooltip. The only issue with this tooltip is that it shows all the text in one line. If a title is very long, the one line rendering does not work. The white-space: nowrap is causing this issue. If this is changed to normal and a width for the CSS element colorTip is defined the text wraps within the boundary of the tooltip. However the colorTip CSS has top:-30px;. This forces the tip to start -30px from the height of the tooltip. If this expands due to more number of lines, it no longer starts from the center of the href element.
What would be interesting is that the tooltip takes in one more parameter - the max width of the tip. Then the JQuery function can set the start dynamically to start -30px or greater based on the length of the text and account for the number of wrapped lines.