You Just Avoid Space for li.
This is rank for IE 7 :
<ul>
<li>First</li>
<li>Second</li>
</ul>
You can use this code solve your problem :
<ul> <li>First</li><!---->
<li>Second</li><!----><li>Three</li> </ul> (OR)
<ul> <li>First</li>
<li>Second</li><li>Three</li> </ul> (OR)
<ul><li>First</li>
<li>Second</li><li>Three</li></ul>This is solved unwanted bottom space.