Falcon 900EX First Officer reports exceeding 1500 FT prior to WENTZ on the RUUDY2 departure from TEB.

Narrative

On a ferry flight from TEB in our Falcon 900EX; I was flying the RUDDY2 departure in visual conditions. As an option; our aircraft has the capability to provide guidance; vertical and horizontal; via the FMS and flight director. I decided to hand-fly the SID; with the LNAV activated for horizontal guidance. I set 1500 FT in the altitude select; opting to not use the VNAV function. I briefed the departure with the non-flying pilot; took off; selected autopilot; autothrottles; and called for retraction of the flaps on schedule. The SID calls for a leveling at 1500 FT MSL; 240 degree heading to join the 260 degree course to WENTZ; and then a climb to 2000 FT MSL. I mistook the turning of the aircraft onto the course to WENTZ as actually arriving AT WENTZ; and asked the non-flying pilot to set 2000 FT in the altitude select. I initiated a climb in vertical speed mode (approximately 800FT/MIN) to 2000 FT and leveled off. Soon thereafter; NY Departure called us and said whatever departure we were on; we should be at 1500 FT. Several mitigating factors contributed to the deviation. Unfamiliarity with the new departure; coupled with the my choice of vertical guidance on departure played a big role. For that I accept full responsibility; and will more thoroughly brief each SID and the appropriate use of automation. From a Human Factors/CRM standpoint; fatigue played a role. Both myself and the non-flying pilot shared a rigorous schedule in the days and weeks leading up to this particular flight. I cannot speak for his physical or mental state at the time of the flight; but I admit I was tired and not at the top of my game.