just took a look a tthelibrary and it behaves differently for IE since it does not support some methods that the modern browsers do.. may be the code there isnt perfect..
use the following method:
function getInputSelection(el) {
    var start = 0, end = 0, normalizedValue, range,
        textInputRange, len, endRange;
    if (typeof el.selectionStart == "number" && typeof el.selectionEnd == "number") {
        start = el.selectionStart;
        end = el.selectionEnd;
    } else {
        range = document.selection.createRange();
        if (range && range.parentElement() == el) {
            len = el.value.length;
            normalizedValue = el.value.replace(/\r\n/g, "\n");
            // Create a working TextRange that lives only in the input
            textInputRange = el.createTextRange();
            textInputRange.moveToBookmark(range.getBookmark());
            // Check if the start and end of the selection are at the very end
            // of the input, since moveStart/moveEnd doesn't return what we want
            // in those cases
            endRange = el.createTextRange();
            endRange.collapse(false);
            if (textInputRange.compareEndPoints("StartToEnd", endRange) > -1) {
                start = end = len;
            } else {
                start = -textInputRange.moveStart("character", -len);
                start += normalizedValue.slice(0, start).split("\n").length - 1;
                if (textInputRange.compareEndPoints("EndToEnd", endRange) > -1) {
                    end = len;
                } else {
                    end = -textInputRange.moveEnd("character", -len);
                    end += normalizedValue.slice(0, end).split("\n").length - 1;
                }
            }
        }
    }
    return {
        start: start,
        end: end
    };
}
how to use it:
you need the dom object of the textarea.. thus:
var textArea=    $("textarea")[0] or getElementbyId("textareaid");
var selectedText=getInputSelection(textArea);
var start=selectedText.start;
var end=selectedText.end;
Live Demo