Mark new tag in select2?

I am using select2,

I have set it up so I can add a new tag if it does not exist,

I am also using twitter bootstrap, If a tag does not exist I want to mark it as a new tag, to do so I prepend the text with '<span class="label label-important">New</span> ' this as my select2 initializer.

$('#newVideoCategory').select2({
        placeholder: 'Select a category...',
        data: categories,
        createSearchChoice: function (term, data) {
            if ($(data).filter(function () {
                return this.text.localeCompare(term) === 0;
            }).length === 0) {
                return {id: term, text: '<span class="label label-important">New</span> ' + term};
            }
        },
        initSelection: function (element, callback) {
            $(categories).each(function () {
                if (this.id == element.val()) {
                    callback(this);
                    return;
                }
            })
        }
    })

Now this works great

Unless what I have entered for the tag exists as part of the markup for that label

From what I have gathered I need to overwrite either the formatResult, formatSelection, or matcher.

That's what I got from the documentation, but I don't understand how I need to alter it.