html() issue

see this:
<script>
$(document).ready(function() {
      $(".closegroup").live("click", function() {                        
            $('#x2').html($('#x1').html());
      return false;
      });
});
</script>
<a href="" class="closegroup" onclick="return false;">Close</a>
<span id="x1">
<select name="tester" id="tester">
<option value="0">Not Set
<option value="4">4
<option value="5">5
<option value="6">6
</select>
</span><br><br>
<span id="x2" style="border:solid 1px red;">
</span>

select a value from select box then click close
the select box that appears in x2 is reset to not set.
is there a way to retain the value of elements when one does something like this?

keep in mind that this is a real simple ex only and that in real life there would be many form elements.