CE680 CITATION SOVEREIGN FLT CREW HAS AN ALT DEV DURING THE TEB 5 RWY 24 DEP.

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I WAS SIC; ON A CESSNA CITATION SOVEREIGN (CE680) OPERATED UNDER FAR 91. WE HAD TWO PAX ON THIS FLT. I WAS SIC AND PREPARED THE COCKPIT FOR THE LEG AND I WAS THE PLT FLYING. I RECEIVED THE PDC WHICH WAS THE TEB 5 OVER ELIOT THEN AS FILED. THE PAX WERE BROUGHT OUT BY THE PIC FOR FLT AND AFTER HE SEATED WE BRIEFED THE ATC CLRNC AS RECEIVED. WE DISCUSSED THE TEB 5 DEP PROCS AND WE BOTH WERE IN AGREEMENT AS TO WHAT PROC WOULD BE USED FOR RWY 24 DEP; WE WERE TO FLY RWY HEADING UNTIL REACHING 1500 FT MSL; THEN TURN R TO A HEADING OF 280 DEGS; THEN AFTER 4.5 MILES USING THE TEB VOR CLB AND MAINTAIN 2000 FT MSL. WE PLACED 2000 FT IN ALT ALERTER. SO; AFTER DEP AND TURNING R TO HEADING OF 280 DEGS; I CLBED EARLY TO 2000 FT INSTEAD OF WAITING FOR 4.5 DME ON THE TEB VOR. THE DEP CTLR CAUGHT OUR ALT ABOUT 1800 FT MSL AND I THEN WENT BACK DOWN TO 1500 FT. AT THE SAME TIME THE CTLR INSTRUCTED US TO CLB TO 10000 FT. WE NEVER HAD A TA OR RA ON TCAS NOR DID THE CTLR GIVE A TFC CONFLICT ADVISORY. THIS COULD HAVE BEEN PREVENTED BY PUTTING THE LOWER ALT OF 1500 FT IN THE ALT ALERTER INSTEAD OF THE 2000 FT WHICH WOULD BE OUR NEXT ALT TO PLACE IN THE ALT ALERTER. SINCE WE WOULD HAVE HAD A FLIGHT DIRECTOR COMMAND TO LEVEL OFF AT 1500 FT. SINCE THIS WAS SUCH A SHORT LEVEL OFF ALT IN A HIGH PERFORMANCE ACFT IT MIGHT HAVE BEEN MORE PRUDENT TO HAVE THE MORE EXPERIENCED PLT IN TYPE TO FLY THE DEP.