D7 theme field items of a "List (text)" input as
The "right" way of rendering a list, that is, one that interacts properly with all the other systems in Core is theme_item_list.

Code example:

// In this case, $result is a list of nodes returned from a database query.
$list = array();
$list['type'] = 'ul';
$list['title'] = 'List of nodes';
$list['attributes'] = array('class' =&gt; array('list-of-nodes'));
$list['items'] = array();
foreach($result as $record) {
  $list['items'][] = l($record-&gt;title, 'node/' . $record-&gt;nid);
}
$output = theme('item_list', $list);


This should be applicable in your node.tpl as well.