JQuery :: Change The HTML Markup

how to modify the DOM with jQuery in order to correct an (dynamic) HTML structure. I have a markup like this:
Thinking about a replacewith or append or a combination??

<ul class="MyClass">
Test1 <br />Test2</ul>

But I need to get all texts in the UL be surronded by LIs, and to delete the br.

<ul class="MyClass">
<li>Test1<li>
<li>Test2</li></ul>

In real life this could be a like two text elements like in this example, but it´s dynamic so it could be like 3 or 15 or whatever sometimes.