Should you wait or just do it?

i haven got my boyfriend a valintime present yet but he has got mine and he put alot of tought and effort into it. my friends helped him pick it out and they said he spent loads a money on it they say he realy loves me.and i used too love him to.but i have no feeling for him anymore and i like some1 els.should i brake it off with him now or see if i can forget about the other guy and start too love him again.he said this is the happest he has ever been and i dont want 2 hurt him.but im unhappy now with the way things are