Does the HTML in your jsfiddle model what you really have? It is missing a closing </div>
for the "Less Options", but also for each click, you have two elements slide up and two elements slide down. It works much nicer if you have one element slide each way.
Can you nest your elements like this:
<div class="search-form">
There is some code for the basic search here.
<div class="more"><b>More Options</b></div>
</div>
<div class="view-filters">
<div class="less"><b>Less Options</b></div>
There is some code for the advanced search here.
</div>
Or perhaps even like this.