You need to save the image (the original text) in a string, change it, and then change it back.
var orig = $('.lg').html(); // This should be .html, not .text
// so that it saves the <img/> tag
$('.lg').text('Correct');
// After a delay
setTimeout(function(){
$('.lg').html(orig); // Use .html here, so that the <img/> tag will work
}, 1000);
There is a better way to do this, though. Have a span with "Correct" in it, and then just hide/show the image and text.
<div class="lg">
<img src="/images/images.gif" />
<span style="display:none;">Correct</span>
</div>
And then in JS:
$('.lg').find('img,span').toggle(); // This will hide the image and show the text
// run it again to change it back