You can just subtract the hours right away doing it this way
var valuestart = $("select[name="timestart"]").val();
var valuestop = $("select[name="timestop"]").val();
//create date format
var timeStart = new Date("01/01/2007 " + valuestart).getHours();
var timeEnd = new Date("01/01/2007 " + valuestop).getHours();
var hourDiff = timeEnd - timeStart;
Here’s the working fiddle http://jsfiddle.net/VnwF7/4/
UPDATE – to calculate if we are including the next day. Just add the following if block
if (hourDiff < 0) {
hourDiff = 24 + hourDiff;
}