There isn't really a way to do this nicely as far as I know. The jQuery Cycle plugin initializes when it is called with all the elements it will toggle through. There are other ramifications to consider, like if you were using a pager what happens to the first to it after a removal? I think your best bet is to use a standard jQuery animation effect, and in its callback initiate your slideshow.
So here are those two solutions. First, jQuery cycle that calls itself, on callback destroys itself and then restarts.
http://jsfiddle.net/RQapW/2/
$('div').cycle({
timeout: 500,
after: myFunction
});
function myFunction(currSlideElement, nextSlideElement, options, forwardFlag) {
console.log(currSlideElement.src + ' : ' + nextSlideElement.src);
//if we are on the second slide then remove the first one and restart slideshow
if (currSlideElement == $('img')[0] && nextSlideElement == $('img')[1]) {
$('div').cycle('destroy');
$(currSlideElement).remove();
$('div').cycle({
timeout: 500,
});
}
}
Just use typical jQuery animation effect.
http://jsfiddle.net/RQapW/
$('img.first').load( function() {
$(this).fadeOut(5000, function() {
$(this).remove();
$('body').cycle({timeout: 500});
})
});