This is my own plugin (will position the element in top of the the list. Specially for overflow-y : auto. May not work with overflow-x!):
NOTE: elem is the HTML selector of an element which the page will be scrolled to. Anything supported by jQuery, like: #myid, div.myclass, $(jquery object), [dom object], etc.
jQuery.fn.scrollTo = function(elem, speed) { 
    $(this).animate({
        scrollTop:  $(this).scrollTop() - $(this).offset().top + $(elem).offset().top 
    }, speed == undefined ? 1000 : speed); 
    return this; 
};
If you don't need it to be animated, then use:
jQuery.fn.scrollTo = function(elem) { 
    $(this).scrollTop($(this).scrollTop() - $(this).offset().top + $(elem).offset().top); 
    return this; 
};
How to use:
$("#overflow_div").scrollTo("#innerItem");
$("#overflow_div").scrollTo("#innerItem", 2000); //custom animation speed 
Note: #innerItem can be anywhere inside #overflow_div. It doesn't really have to be a direct child.
Tested in Firefox (23) and Chrome (28).
If you want to scroll the whole page, check this question.