1function createElement( str ) {
2    var frag = document.createDocumentFragment();
3
4    var elem = document.createElement('div');
5    elem.innerHTML = str;
6
7    while (elem.childNodes[0]) {
8        frag.appendChild(elem.childNodes[0]);
9    }
10    return frag;
11}

1document.getElementById("Test").innerHTML = "<p style='color:red;'>Test</p>";

1function createElement( str ) {
2    var frag = document.createDocumentFragment();
3
4    var elem = document.createElement('div');
5    elem.innerHTML = str;
6
7    while (elem.childNodes[0]) {
8        frag.appendChild(elem.childNodes[0]);
9    }
10    return frag;
11}
12