TypeError: cycle is not a function

Hi, I'm getting this error JavaScript error after installing and setting up my first Views Slideshow / Cycle.

https://dl.dropboxusercontent.com/u/8495276/1304/slideshow.png

The first slide appears but obviously the slideshow itself doesn't work. The 'timing' seems to be running though, since the second error pictured above will appear about 3 seconds after the page loads (when slideshow supposed to display next image).

Any tips or suggestions are appreciated!

I have the latest version of jquery.cycle.lite.js in my sites/all/libraries/jquery.cycle folder.

Here are the Drupal settings Javascript outputs on my slideshow page:

<!--//--><![CDATA[//><!--
jQuery.extend(Drupal.settings, {"basePath":"\/cc\/","pathPrefix":"","ajaxPageState":{"theme":"CC","theme_token":"dDjsKCm7TAS2Rr75Z-DrPZ5Lp2Q5tsX97VVwlgFfrpo","js":{"misc\/jquery.js":1,"misc\/jquery.once.js":1,"misc\/drupal.js":1,"sites\/all\/modules\/contrib\/admin_menu\/admin_devel\/admin_devel.js":1,"sites\/all\/modules\/contrib\/views_slideshow\/js\/views_slideshow.js":1,"sites\/all\/modules\/contrib\/views_slideshow\/contrib\/views_slideshow_cycle\/js\/views_slideshow_cycle.js":1},"css":{"modules\/system\/system.base.css":1,"modules\/system\/system.menus.css":1,"modules\/system\/system.messages.css":1,"modules\/system\/system.theme.css":1,"modules\/comment\/comment.css":1,"modules\/field\/theme\/field.css":1,"modules\/node\/node.css":1,"modules\/search\/search.css":1,"modules\/user\/user.css":1,"sites\/all\/modules\/contrib\/views\/css\/views.css":1,"sites\/all\/modules\/contrib\/ctools\/css\/ctools.css":1,"sites\/all\/modules\/contrib\/views_slideshow\/views_slideshow.css":1,"sites\/all\/modules\/contrib\/views_slideshow\/contrib\/views_slideshow_cycle\/views_slideshow_cycle.css":1,"sites\/all\/themes\/CC\/css\/styles.css":1}},"viewsSlideshow":{"featured_slider-block":{"methods":{"goToSlide":["viewsSlideshowPager","viewsSlideshowSlideCounter","viewsSlideshowCycle"],"nextSlide":["viewsSlideshowPager","viewsSlideshowSlideCounter","viewsSlideshowCycle"],"pause":["viewsSlideshowControls","viewsSlideshowCycle"],"play":["viewsSlideshowControls","viewsSlideshowCycle"],"previousSlide":["viewsSlideshowPager","viewsSlideshowSlideCounter","viewsSlideshowCycle"],"transitionBegin":["viewsSlideshowPager","viewsSlideshowSlideCounter"],"transitionEnd":[]},"paused":0}},"viewsSlideshowCycle":{"#views_slideshow_cycle_main_featured_slider-block":{"num_divs":2,"id_prefix":"#views_slideshow_cycle_main_","div_prefix":"#views_slideshow_cycle_div_","vss_id":"featured_slider-block","effect":"cover","transition_advanced":0,"timeout":5000,"speed":700,"delay":0,"sync":1,"random":0,"pause":1,"pause_on_click":1,"action_advanced":0,"start_paused":0,"remember_slide":0,"remember_slide_days":1,"pause_in_middle":0,"pause_when_hidden":0,"pause_when_hidden_type":"full","amount_allowed_visible":"","nowrap":0,"fixed_height":1,"items_per_slide":1,"wait_for_image_load":1,"wait_for_image_load_timeout":3000,"cleartype":0,"cleartypenobg":0,"advanced_options":"{}"}}});
//--><!]]>