You don't need to cycle through it. Just sit on the first image. Then your screen will blank out and flash green, now chicken is intalled. This might take several tries. So have patience.

Now, I doubt you want to stick with 5.03 ChickHEN R2. So try this as well. Use CFWEnabler here: http://sceners.org/index.php?itemid=135 so you can install another CFW.