It looks like Google spider does execute some JavaScript, but I do not believe it would execute large libraries like jQuery..
Please check interview with Matt Cutts
Matt Cutts: "For a while, we were scanning within JavaScript, and we were looking for links. Google has gotten smarter about JavaScript and can execute some JavaScript. I wouldn't say that we execute all JavaScript, so there are some conditions in which we don't execute JavaScript. Certainly there are some common, well-known JavaScript things like Google Analytics, which you wouldn't even want to execute because you wouldn't want to try to generate phantom visits from Googlebot into your Google Analytics".
There are also some additional details on Google Spider improvements (JavaScript/AJAX support) on Google Webmaster Central Blog