Simple and efficient way to split string with seperator

--
-- Steven Rao
-- June 15, 2013
-- A simple and efficient way to split string with separator
-- It has very good performance since no looping is used
USE [TEST]
GO

IF  EXISTS (SELECT * FROM sys.objects WHERE object_id = OBJECT_ID(N'[dbo].[fn_SplitString]') AND type in (N'FN', N'IF', N'TF', N'FS', N'FT'))
DROP FUNCTION [dbo].[fn_SplitString]
GO

SET ANSI_NULLS ON
GO

SET QUOTED_IDENTIFIER ON
GO

CREATE FUNCTION [dbo].[fn_SplitString](@string AS VARCHAR(8000), @stringSeperator AS CHAR(1))
RETURNS TABLE
AS

RETURN
SELECT
(number - 1) - LEN(REPLACE(LEFT(@string, number - 1), @stringSeperator, '')) + 1 AS stringNumber
,LTRIM(RTRIM(SUBSTRING(@string, number, CHARINDEX(@stringSeperator, @string + @stringSeperator, number) - number))) AS stringValue
FROM(select number from master..spt_values where type='p') as numbers
WHEREnumber <= LEN(@string) + 1
AND SUBSTRING(@stringSeperator + @string, number, 1) = @stringSeperator;

GO