From your code I'm not sure what you're really trying to do, or your code is incomplete.
Please check out below HTML:
<a id="example-1" href="#" original-title="Hello World">Hover over me</a>
<a id="test" href="#" onclick="$('#example-1')[0].setAttribute('original-title','you did it')">Update</a>
Javascript:
$(function() {
$('#example-1').tipsy();
});
that's what you might be expecting.
Edit: Sorry I'd to include code to post JsFiddle link.
Edit 2:
Check below fiddle, I hope you want something similar.