karim79 made a good catch, judging by your element name txtEntry2 may be a textbox, if it's any kind of input, you'll need to use .val() instead or .text() like this:
For the "what's wrong?" part of the question: .text() doesn't take a selector, it takes text you want it set to, or nothing to return the text already there. So you need to fetch the text you want, then put it in the .text(string) method on the object you want to set, like I have above.
To capture via jQuery you can do something like so:
$('#cycles_list').change(function() {
var mylist = document.getElementById("cycles_list");
iterations = mylist.options[mylist.selectedIndex].text;
});
Once you have stored the value in your variable, the next step would be to send the information stored in the variable to the form field or HTML element of your choosing. It may be a div p or custom element.
i.e. <p></p> OR <div></div>
You would use:
$('p').html(iterations); OR $('div').html(iterations);
Of course you can do all of the above in less steps, I just believe it helps people to learn when you break it all down into easy to understand steps... Hope this helps!
The above would very well work, but it seems you have missed the jQuery typecast for the dropdown text. Other than that it would be advisable to use .val() to set text for an input text type element. With these changes the code would look like the following: