I was unable to run the jquery Cycle2 with elevateZoom but I apparently does not work starting in the second slider or transition.
Any chance to run when you click on next?
$(".zoom").elevateZoom({
constrainType:"height",
zoomType : "lens",
cursor: "crosshair",
containLensZoom: true,
gallery:'cycle',
cursor: 'pointer',
galleryActiveClass: "cycle-slide-active"
});
Example: http://jsfiddle.net/csy2dh6b/
Code fix:
Example: http://jsfiddle.net/csy2dh6b/2/