Random code: Super efficient binary counter

For some mad reason I decided to try and see how efficient I could code a binary counter. Assume you have n LEDs, which are represented as ints: 0 = off, 1 = on. You also have a counter variable: int counter; I ended up with a few bitshifts, addition and logic ANDs. Here is my code:

LED1 = (counter >> 0) & 1;
LED2 = (counter >> 1) & 1;
…
LEDn = (counter >> (n-1)) & 1;

/* Equivalent to: counter = (counter+1) % pow(2,n) */
counter = (++counter) & ((1 < < n)-1)