Windows Shortcut Arrow Editor allows you to remove the shortcut arrow in Windows 8, Windows 7 and Windows Vista or set it to the nice custom icon. It works properly in both x86 and x64 editions of Windows and does not require to be installed.
I saw many users requests about shortcut arrow removing and editing in Windows 8.x, so I decide to create this tool:

Warning! The latest verion is 1.0.0.2, it contains several bugfixes, please UPGRADE NOW.

Windows Shortcut Arrow Editor features list

With Windows Shortcut Arrow Editor you are able

• to remove shortcut arrow with a single click;
  
• to set classic (XP-like) shortcut arrow with a single click;
  
• to set ANY icon as shortcut arrow with a two clicks;
  
• sure, to reset shortcut arrow to its default icon.

After each operation your Explorer will be automatically restarted to apply the shortcut arrow.

Windows Shortcut Arrow Editor in action

Windows Shortcut Arrow Editor is a portable application and does not require to be installed. It supports the following OS:

• Windows 8.1 x86
  Windows 8.1 x64
  Windows 8 x86
  Windows 8 x64
  
• Windows 7 x86
  Windows 7 x64
  
• Windows Vista x86
  Windows Vista x64

Change log

v1.0.0.2
Fixed minor issue with low quality icons loaded from libraries.
v1.0.0.1
Improved: if the user has deleted the custom icon file he used for the shortcut arrow, Windows will no longer display the broken icon.
Bug fixed: app crash for the previous case
Bug fixed: wrong icon could be selected when environment variable was used in the path to the selected icon.
v1.0
Initial release

Many thanks to my friend Gaurav Kale for testing, support and awesome ideas!

This app has been superseded by Winaero Tweaker and is no longer being maintained. Use the following options from Winaero Tweaker: