CL604 CREW DEPARTING TEB EXCEEDS 1500 FOOT ALTITUDE RESTR ON TEB 5 SID.

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WE HAD BEEN ASSIGNED THE TEB 5 DEP FROM RWY 24 AT TEB. WE BRIEFED THE DEP AS USUAL -- WE FLY INTO TEB REGULARLY AND WERE FAMILIAR WITH THE PROC. HOWEVER; AT SOME POINT I SET 2000 FT IN THE ALTITUDE SELECTOR INSTEAD OF 1500 FT. AS WE WERE APCHING 1500 FT; THE CAPT REALIZED THAT WE WERE NOT GOING TO LEVEL OFF ON AUTOPILOT. HE DISCONNECTED AND ATTEMPTED TO LEVEL MANUALLY; BUT WITHOUT INDUCING NEGATIVE G'S. AS SUCH; WE FLOATED ABOVE 1500 FT BY APPROX 300 FT. AT THE SAME TIME WE WERE HANDED OFF TO DEP; MAKING THE R TURN TO 280 DEGS AND PREPARING TO CLB TO 2000 FT AT THE 4.5 DME FROM TEB VOR. DEP ASSIGNED US A CLB TO 8000 FT. HE DID NOT INDICATE THAT WE WERE OFF ALTITUDE OR THAT THERE WERE ANY TFC CONFLICTS. WE DID NOT GET ANY TCAS ADVISORIES. THE REST OF THE FLT WAS NORMAL. CLRLY THERE WAS A BREAKDOWN IN OUR PRE-DEP BRIEF IN THAT WE DID NOT DISCOVER THE ALTITUDE SELECTOR ERROR UNTIL IT WAS ALMOST TOO LATE. CONTRIBUTING FACTORS ARE LIKELY THE RUSHED NATURE OF THE DEP AS OUR PAX CALLED UNEXPECTEDLY FOR A DEP 90 MINUTES EARLIER THAN PLANNED. ALSO A FACTOR IN MY MIND IS THE FACT THAT JUST TWO DAYS PRIOR WE HAD BEEN IN TEB AND DEPARTED THE TEB 5 OFF OF RWY 01; WHICH REQUIRES A LEVELOFF AT 2000 FT INSTEAD OF 1500 FT. I AM VERY WELL AWARE OF THE IMPORTANCE THE ALTITUDES AND ROUTING IN THE TEB 5 SID AND THE FREQUENCY OF ERRORS IN FLYING IT. AGAIN; WE FLY INTO TEB REGULARLY AND ARE WELL VERSED IN THE DEPS. OUR PROC IS TO FLY IN HDG MODE AND USE THE AUTOPLT AS SOON AS PRACTICAL TO FLY THE ENTIRE PROC. THIS TYPICALLY ENSURES BETTER ACCURACY IN ALTITUDE KEEPING AND ALLOWS THE FLYING PLT TO MAINTAIN BETTER SITUATIONAL AWARENESS INSTEAD OF CONCENTRATING SOLELY ON FLYING THE AIRPLANE. I CAN OFFER NO DEFINITE EXPLANATION FOR THE ERROR. I FEEL THAT WE TYPICALLY FLY IN A VERY WELL DISCIPLINED AND PROFESSIONAL MANNER. THIS WAS AN UNFORTUNATE REMINDER TO PAY ATTENTION AND AVOID COMPLACENCY. MY ONLY SUGGESTION REGARDING THE TEB DEPS WOULD BE TO STANDARDIZE THE INITIAL LEVELOFF ALTITUDE FOR ALL RWYS WHEN FLYING THE TEB5 SID.