How do I remove dead shortcuts from the finder favorites menu?

I just bought a new Macbook Pro with Lion OS to replace my old macbook running snow leopard. To transfer my old data, I use the migration assistant and time machine backup. For the most part everything went smoothly. However, now when I open finder, there is a dead shortcut on the favorites menu. On my old laptop, it linked to a folder on my bootcamp partition, but I don't have a partion on my new computer. I am unable to move or delete the shortcut from the list. It's cluttering up my finder sidebar and I would love to get rid of it.

Any suggestions?