Get rid of the ()
in your second callback:
var block = $('#block');
function changecol() {
block.animate({width: 100, height: 100}, 300, function() {
// just changecol instead of changecol() here
block.animate({width: 50, height: 50}, 300, changecol);
});
}
$(document).ready(function() {
block.css({visibility:'visible'});
changecol();
});