Try below code.
$('#favorite_holder').click(function(e) {
$('#favorite_container').slideToggle("fast");
e.stopPropagation();
});
$(document).click(function(){
$('#favorite_container').slideUp("fast");
});
Demo: http://jsfiddle.net/GVYEd/3/
for 2 divs: http://jsfiddle.net/GVYEd/6/