Apologies for resurrecting this thread after 3 years, but I'm wondering how this would be implemented with gsap3. I've tried to adapt it with the following code:
gsap.to("li",{duration: 2.5, autoAlpha:1, repeat: -1, stagger:5})
but I keep getting the li's to layer on top of each other. I'd like it to fade in and out like your example.