Using TAGS with  on your websites
From a once over;


Indent your code, it will be easier to read
Use lowerCamelCase for your names createMyTAGS -> createMyTags, though personally I would call the function createLinks

I would call createMyTAGS_DATA simply s for string or data
I would call createMyTAGS_LOCATION either id or element or elementID, you wont then feel the need to assign that parameter to the slightly better named linkTags

For your string handling, you should read up on .split(), it would make this so much easier
alert statements are terrible, this function should never go wrong. Consider using console.log instead if you must.
If you have long variables or chained variables (which you should avoid), consider +=:
document.getElementById(v1).innerHTML = document.getElementById(v1).innerHTML + linkNew;
becomes
document.getElementById(v1).innerHTML += linkNew;
Consider using addEventListener instead of assigning the event listener straight into the HTML


My counter proposal:



function createLinks(data, elementId){
      
    var element = document.getElementById(elementId),
        links = data.split(';;'),
        html = element.innerHTML,
        linkParts, url, text;
  
    links.forEach( function( link ){
        linkParts = link.split(';');
        text = linkParts[0];
        url = linkParts[1];
        html += '&lt;a href="'+url+'" title="'+text+'" target="_blank"&gt;'+text+'&lt;/a&gt; ';   
    });

    element.innerHTML = html;
}
&lt;span onclick="createLinks('LinkText1;LinkAddress1;;LinkText2;LinkAddress2;;','renderHERE');" style="cursor:pointer;"&gt;&lt;b&gt;click here&lt;/b&gt;&lt;/span&gt;

&lt;div id="renderHERE"&gt;&lt;/div&gt;