I solved the above problem as follows..
<div id="mediaplayer" align="center">
</div>
<script type="text/javascript">jwplayer.key="wjl6yMFUQPDPAec4DULRmMulzyO8Q9omr+k6Fw==";</script>
<script type="text/javascript">
jwplayer("mediaplayer").setup({
flashplayer: "<%#= asset_path('player.swf') %>",
image: "http://www.longtailvideo.com/jw/upload/bunny.jpg",
file: "http://www.longtailvideo.com/jw/upload/bunny.mp4",
height: 270,
width:480
});