It has been a while since i have made a build, but this will be an extensive guide on Elise. I made this guide because, even though I feel Elise is a great champion, has the LOWEST win rate, as of 11/2/12. I myself extensively play Elise jungle in rank, and do great. Please note that since Season 3 is around the corner, Elise may find herself more viable in a new meta, but i seriously doubt the meta will change that much. Elise is an amazing ganker, and has many plays revolving around Rappel, and endgame is almost impossible to fight end game with 6 items. To avoid confusion I will discuss AP assassin.

Pros
-Great Ganker
-Great secure/clean-up
-End game almost impossible to fight with 6 items
-Fast Dragon and Baron clear time
-Can put survivability over power and still bring lots of damage
-Has a 1.5 stun at ALL levels
-Can counter face-check with an exploding spider(VERY high damage nuke)
-Not blue dependant
-Great Kiter/Baiter

Cons
-Even if you get a head start your still very vulnerable
-Long cooldowns on your Utilities
-Very Position dependent,and must be in a dangerous position in teamfights to be any useful
-Takes DOT durring Rappel, which in some cases you die when you come back down
-Pretty much an AP Lee Sin, no early ganks or kills, and your mid-game is gonna suck
-Sadly, no matter how many times I try, I cannot take Red Buff without making a trip back to base

Standard AP runes besides the quints,

Magic Penetration Marks so your Q does its intended damage. /color]

HP per level Seals so you don't fall off endgame

AP per level glyphs because it's what everyone does anyways

Flat Movement Speed Quints so you can chase those naturally fast champions

I use 21/9/0 Masteries,taking points in both physical and magical masteries, since Elise needs both early on for a comfortable jungle.

I start with Boots Of Speed and 3 HP pots because you gank xtremely fast, and want to make it to lanes fast enough before the other jungle. After a few ganks, and if your around level 4 or 5, back to buy 1 or 2 Dorans' Ring, or finish your Sorcs (always prioritize the Doran's Ring). Buy some more HP Pots, your sustain still isn't there. After a few rounds in the jungle and ganks, and most likely dragon unless you took a bad hit in a gank, save up for your Rylai's Crystal Cepter, and if you can afford it buy Giants Belt first. When you finish Rylais your entire gameplay changes. You go aggressive and gank/push any lane in your vicinity, and counter jungle or camp lanes. The slow on Rylais is RIDICULOUS and you have 2 single target HP reducing abilities, so never doubt you and the ally laner will get an enemy that passed the river. Depending on the success of the " PUSH A LANE AND YOU DIE" Campaign, or when you finally die, you can either get a Sheen , or rush Rabboden's Deathcap , never rush Lichbane . After Deathcap , finish your Lichbane , and get your Nashor's Tooth , put Stinger first. Get your GA and call it a day, with obvious Elixers.

Last Item Variations:

You can grab Hextech Gunblade or Guinsoo's Rage Blade . If no one has it you may get a Will of the Ancients. Very situational is Madreds , and that is only if the carries build xtra HP. If you must you can get Banshee's Veil for the bulkyness it provides.

What doesn't work on Elise

Maw of Malmorious is a no-no, even if you auto-attack, because you have no AD scales and therefore do not need it. The shield is nice, but your job as an APPPPPP AP AP AP APP APP assassin is the support and mage, and since you usually can't run HexTech and Maw at the same time. Malady and Wits-End are unneeded because your babies do the job of shredding anyways. Your an AP assassin, and you gank a lot, so Death Fire Grasp ? I saw in one game an Elise built that after a triple kill at bot, and me, being a Noc without any kills or succesful ganks, killed her no trouble, take the Item Active and just destroying her. One other reason besides experience is that your Q is already a DFG , so having 2 would not make sense.

Gee, later on I will add pictures but eh, that may take a while, and color-coding is more fun.

Wolves-> Blue Golemn-> Wraiths-> Wolves->Duo Golemns

Jking I will go in-depth

Ask for assistance with your Wolves and ask for a hard-leashed Blue. Proceed to Wraiths, and go slaughter the Wolves once more. Oh Hey, your level 3. Did you accidently forgot to build stun? You lost the jungle. You went with my build and got stun level 3? GJ, go gank a lane, specially mid since you just killed Wolves. Go around just ganking and taking the small camps. When you get a Rylai , like I said earlier, go super aggressive in the most pushable lane. Elise is I think special in that she has amazing clear time on drag,baron, and most importantly towers. As a jungle, what I think 2nd most important thing you can do is constantly secure the dragon. Your passive AS bonus will take the dragon debuff, and you can still get the full effect of the active, which is very special if you attempt to solo dragon ( obviously being an AP jungle with no sustain cept an ability that last for i dono 5 secs is dangerous ). If you have Rylai's durring early-mid game, your doing wonderful.

Now we get to Bruiser Elise, which might resemble hybrid but is not hybrid. Elise can play the Bruiser role effectively since in spider form she receives defensive buffs as good as Nidalee, who functions pretty well as a Bruiser herself. There is a big difference between Bruiser and Tank/Off-Tank that some people do not get. A tank sponges damage and disrupts teamfights, and can cause damage without damage items. An off-tank is pretty much a usually squishy yet powerful champ, primarily with AD scales or someone who auto attacks, grabs defensive items such as GA or Warmongs and at the same time build damage and/or sustain items. A bruiser is an AP version of an off-tank, builds defensive items and also at the same time power/utility items. I prefer Elise as an AP assassin, but sometimes you already have that Akali/Diana, so Bruiser might be the better choice.

Pros
-Very strong in spider form, and makes sure you don't just die in human form
-Offers as much, if not more, utility that AP assassin
-An even better Kiter/ Baiter, since you employ GA
-Deceivingly strong, since you have 2 Max HP/MissingHP damage abilities

Cons
-Not as powerful as AP assassin
-Cannot secure kills, and diving is still a no-no for you
-Many other champs will do your job better than you, and require less skill(Naut,Sej,Shyvv etc
-Biggest con, your ganks will not be as potent as they should be, and playing aggressive is pointless since your there to stun nuke bite

The runes employ something a little different than AP assassin, since your items and use of your kit changes a little.

Instead of AP per level Glyphs, you grab magic resist per level so you can take on teamfight abusers like nunu,galio, and maokai

Flat armor seals since you want to be consistent in jungle, and have the earlier bulkiness compared to late game HP

Flat Magic Penetration Marks, since it is simply great to have on any casters, regardless of what they are building

Flat AP quints, since your not as concerned about getting chased, and you need some of that early, consistent power

I will add more, but for today 11/5/12 i am done. Hoped u enjoied.