jQueryMobile is one of the most famous mobile UI framework. It is based on jQuery and currently in Beta. Thought its Beta, the perfomance of Nested Lists using JQM is really good on low end mobile devices as well. I have tested it for only Android 2.2 though.
What I have noticed while writing my last two mobile Apps using JQM is that list transition is more responsive than page transition. I had to put much time to get JQM Nested Lists working, so I just created a simple nested list application shown in the picture above. Its freely available for download under GNU GPL v3 Open Source License. The link for the open source page is JQM Nested List.
Update: After downloading the code given below, please do open it using a webkit based browser like Google Chrome or Apple Safari.
Download Nested List Demo Code
Update: Code to dynamically create jQuerymobile nested list.