Index: wp-includes/class-wp-editor.php
===================================================================
--- wp-includes/class-wp-editor.php	(revision 21302)
+++ wp-includes/class-wp-editor.php	(working copy)
@@ -783,9 +783,9 @@
 		<div id="search-panel"<?php if ( ! $show_internal ) echo ' style="display:none"'; ?>>
 			<div class="link-search-wrapper">
 				<label>
-					<span><?php _e( 'Search' ); ?></span>
+					<span><img class="waiting" src="<?php echo esc_url( admin_url( 'images/wpspin_light.gif' ) ); ?>" alt="" />
+					<?php _e( 'Search' ); ?></span>
 					<input type="search" id="search-field" class="link-search-field" tabindex="60" autocomplete="off" />
-					<img class="waiting" src="<?php echo esc_url( admin_url( 'images/wpspin_light.gif' ) ); ?>" alt="" />
 				</label>
 			</div>
 			<div id="search-results" class="query-results">
Index: wp-includes/css/editor.dev.css
===================================================================
--- wp-includes/css/editor.dev.css	(revision 21302)
+++ wp-includes/css/editor.dev.css	(working copy)
@@ -1291,7 +1291,7 @@
 
 #wp-link .link-search-wrapper span {
 	float: left;
-	margin-top: 6px;
+	margin-top: 4px;
 }
 
 #wp-link .link-search-wrapper input[type="text"] {
@@ -1300,9 +1300,9 @@
 }
 
 #wp-link .link-search-wrapper img.waiting {
-	margin: 8px 1px 0 4px;
-	float: left;
+	margin: 0;
 	display: none;
+	vertical-align: text-bottom;
 }
 
 #wp-link .link-target {
Index: wp-includes/js/wplink.dev.js
===================================================================
--- wp-includes/js/wplink.dev.js	(revision 21302)
+++ wp-includes/js/wplink.dev.js	(working copy)
@@ -303,7 +303,7 @@
 					return;
 
 				wpLink.lastSearch = search;
-				waiting = t.siblings('img.waiting').show();
+				waiting = t.parent().find('img.waiting').show();
 
 				rivers.search.change( search );
 				rivers.search.ajax( function(){ waiting.hide(); });