Ah, you don't have multiple partitions -- I thought you did.
The size of the partition won't equal the total size of the drive; nowhere does either display show 1.51 "free" -- it's just the difference between the gross size of the drive and the net space you can use (actually, you can't use all of what's shown in the partition, either, as the directory structure takes at least a few hundred MBs).
What those displays don't show are the sizes of the partition map, Recovery HD (partition), and EFI boot partition. I don't know if spare blocks are included, either.
I don't know of any way to see the size of the partition map or spare blocks. The EFI boot partition is at least a couple of hundred MBs, and the Recovery HD on Lion is 650 MB (784.2 MB on Mountain Lion).
In short, if you've pulled the lower-right corner all the way to the bottom, you've got all the space you can.