no clue where the data came from but with a textarea you'll want to use .val() not .text()
i think you want something like this:
Code:
$('.saveButton').live('click',function() {
var textareaval = $(this).parent().find('textarea').val()
$(this).parent().parent().html('<div class="info">' + textareaval + '</div>').show();
$(this).parent().remove();
});