+3  A: 

You can do it using .closest() and .find() like this:

$(".collapse").click(function() {
  $(this).closest('.bookmarkContainer').find('.toggle').toggle();
});

If you have lots of these, or they are changing via ajax (seems like a search-resulty thing), use .live() or .delegate() like this:

$(".collapse").live('click', function() {
  $(this).closest('.bookmarkContainer').find('.toggle').toggle();
});
//or...
$("#ulID").delegate('.collapse', 'click', function() {
  $(this).closest('.bookmarkContainer').find('.toggle').toggle();
});
Nick Craver
Awesome! Thanks so much. That just goes to show why I'm a web designer and not a web developer!
werm