F50 FLT CREW EXCEEDS 1500 FT ON THE TEB 5 DEPARTURE.

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ON DEPARTURE FROM TEB RWY 24 THE PILOT DEVIATED FROM THE DEPARTURE SID WHICH REQUIRED ON DEPARTURE A HEADING OF 280 DEGREES AND AN ALTITUDE OF 1500 FT FOR 5 MILES AND THEN A CLIMB TO 2000 FT ON THIS HEADING. THE PILOT FLYING WAS BRIEFED ON THE DEPARTURE SID AS WELL AS ADVISED OF THE INITIAL 1500 FT; AND TRANSITION TO 2000 FT AT THE 5 MILE FIX (GPS). THE INITIAL ALTITUDE SET IN THE PRESET ALT WAS 2000 FT. IT WAS BRIEFED THAT THE FMS WOULD PROVIDE THE INITIAL ALTITUDE LEVEL-OFF. THE PILOT FLYING WAS APPRISED OF THE DEVIATION BY ME AT ABOUT 200 FT AND AGAIN WHEN HE EXCEEDED 300 FT ABOVE THE TARGET 1500 FT BY NEW YORK APPROACH CONTROL. THE PILOT FLYING STATED TO ME THAT THE FMS DID NOT PROVIDE A LEVEL-OFF ON THE FLIGHT DIRECTOR AND THEREFORE HE EXCEEDED HIS TARGET ALT. IT SHOULD BE ALSO NOTED THAT NO ABRUPT MANEUVERING WAS NEEDED; AND THAT APPROACH CONTROL SEEMED UNAFFECTED BY THE DEVIATION. I BELIEVE THE DEVIATION COULD HAVE BEEN AVOIDED IF THE ALT PRESET WOULD HAVE BEEN SET TO THE INITIAL ALT OF 1500 FT INSTEAD OF 2000 FT. I ALSO BELIEVE THAT THE TIME WAITING BETWEEN TKOF BRIEFING AND ACTUAL TKOF HAD SOME IMPACT ON THE LACK IN JUDGEMENT (45 MIN. BETWEEN BRIEF AND TKOF). BETWEEN TAXI OUT AND TKOF TEB INITIATED A RUNWAY CHANGE FROM A NORTH FLOW TO A SOUTHERN FLOW. THIS REQUIRED A CHANGE IN THE SID REQUIREMENTS FOR THE PARTICULAR RUNWAY.