You can also go to Tools>>Internet Options and on the first page at the bottom should be Clear History. That should take care of it. You can also change the Keep History for XX Days to a smaller number.
SNGX, can I just say that it is very unusual to see you seeking advice, [not being funny] do you see a disadvantage to having a pull-down option? me, I find it handy, as it saves me typing in the whole address sometimes.