T-SQL: Return nth delimited element from a string

CREATE FUNCTION [dbo].[fn_String_SplitByDelimiter]
(
   @List       VARCHAR(MAX),
   @Delimiter  VARCHAR(255),
   @ElementNumber int
)
RETURNS VARCHAR(4000)
AS
BEGIN

   DECLARE @result varchar(4000)    
   DECLARE @Items TABLE ( position int IDENTITY PRIMARY KEY,
                          Item VARCHAR(4000)
                         )  

   DECLARE @ll INT , @ld INT;  
   set @ll =  LEN(@List) + 1
   set @ld = LEN(@Delimiter);

   WITH a AS
   (
       SELECT
           [start] = 1,
           [end]   = COALESCE(NULLIF(CHARINDEX(@Delimiter, 
                       @List, @ld), 0), @ll),
           [value] = SUBSTRING(@List, 1, 
                     COALESCE(NULLIF(CHARINDEX(@Delimiter, 
                       @List, @ld), 0), @ll) - 1)
       UNION ALL
       SELECT
           [start] = CONVERT(INT, [end]) + @ld,
           [end]   = COALESCE(NULLIF(CHARINDEX(@Delimiter, 
                       @List, [end] + @ld), 0), @ll),
           [value] = SUBSTRING(@List, [end] + @ld, 
                     COALESCE(NULLIF(CHARINDEX(@Delimiter, 
                       @List, [end] + @ld), 0), @ll)-[end]-@ld)
       FROM a
       WHERE [end] < @ll
   )
   INSERT @Items SELECT [value]
   FROM a
   WHERE LEN([value]) > 0
   OPTION (MAXRECURSION 0);

   SELECT @result=Item
   FROM @Items
   WHERE position=@ElementNumber

   RETURN @result;
END

Example

SELECT [dbo].fn_String_SplitByDelimiter (
   '1ST\2ND\3RD\4TH'
  ,'\'
  ,3)

Will output
3RD

taken from the below url, just updated it to work on SQL2005
http://stackoverflow.com/questions/19449492/using-t-sql-return-nth-delimited-element-from-a-string