Measuring Current/Voltage with arduino ?

hmm, I ran into a problem. I've got a circuit with a current regulator and a led. I'm measuring the current by adding the 4.7ohm resistor in series and measuring the voltage over it with my arduino. That part seems to be working fine, but now I also want to measure the voltage over the led using the same arduino. If I take a wire from ground to the one side of the led and and the other side of the led to another analog input to measure it, it seems to short out the led. I hope this made sense ...

Can I measure the voltage over the led with the same setup ?