example you have these in your html:
<script type="text/html" id="ul-template">
<ul id="list">
{{> li-templ}}
</ul>
</script>
<script type="text/html" id="ul-template2">
<div id="list2">
{{> li-templ}}
</div>
</script>
<script type="text/html" id="li-templ">
<p>{{ name }}</p>
</script>
Here's some jQuery to do just that:
var view = {"name" : "You"},
li = $('#li-templ').html(),
partials = {"li-templ": li},
ul1 = Mustache.to_html($('#ul-template').html(), view, partials),
ul2 = Mustache.to_html($('#ul-template2').html(), view, partials);;
document.write(ul1, ul2);