I was wondering about a closure like below to capture the paper, so when the anonymous func runs, it has the variable captured.
Note, I'm not sure this is the best method overall, something feels a bit clunky about creating a new paper each time, but just trying to address the specific issue.
Untested code, but if you can get it on a fiddle, I think it should be possible to sort.
$.each(el,function(key,value)
{
var li = $("<li>",{id:"item"+key).appendTo("#myUl");
var ppr = new Raphael($("item"+key),get(0),48,48);
(function() {
var myPaper = ppr;
li.click(function()
{
console.log(myPaper);
})
})();
})