Great entry! It really sounds like an elevator - 'jazzy chords, wacky rhythms, simple melodies'! I could totally imagine myself in an elevator.
The 'stuck' transition at 1:02 came as a surprise (as it should) but wasn't too shocking or anything, perfect. It also really sounded like an elevator getting stuck.
The section after that didn't feel completely in style. Having the sound of the elevator falling still softly in the background would probably have helped quite a bit with that. Or perhaps having the song be more similar to the original could also have helped. Either way, it did sound ominous with the guitar and all.
Oh, and love the little 'ting' at the end. I've heard more entries do that, it just feels so simple yet nice :D. Overall, great entry!!