I’m going to take you through two more methods for removing the shortcut arrow from windows 7, as several of you found that my other tip on the subject did not work.
This first method involves a little tinkering with the Registry Editor. Simply open the Start Menu, type “regedit” in the search line and press enter.
This will open the Regedit screen as shown below.
Note: Please consult a professional if you are uncomfortable editing the Windows Registry. Worldstart will not be held responsible for any damage you do to your PC.
In the left pane, follow the below folder string:
Just click the first folder “HKEY_LOCAL_MACHINE” and then click “SOFTWARE” inside this folder and so on until you arrive at the “Shell Icons” folder.
Once you have selected the “Shell Icons” folder, right click a blank space in the right hand pane. Click “New” and “String Value” in the popup menu and name it “29”.
Right click the newly created “29” folder and click “Modify” on the resulting folder.
Type in C:\Windows\System32\shell32.dll,29, click OK and restart your machine. With any luck the shortcut arrows should have disappeared, but if by a strange twist of chance they haven’t – or you find the above method too tricky – please read on.
Click this link  and download the file.
Open the downloaded zip file and copy the “Blank.ico” icon to your desktop. Right click the file, click file and click unblock as shown below (it may or may not be there, you just have to check that it is unblocked if there is the option).
Open the c:\Windows folder and copy and paste the “Blank.ico” icon into it.
Once copied into the Windows folder, right click “Blank.ico” again and click Merge, click through the resulting options and restart your machine.
If you would like to quickly restore the shortcut arrows then download this file , copy to your desktop, right click it and click “Merge”. Click through the resultant “are you sure?” boxes and restart your machine.
Hopefully, all of the bases have now been covered in relation to that pesky little eye sores on your shortcuts! But if you’re still experiencing problems just let me know, I’m more than happy to help.