I haven't seen any of the shell32.dll replacements that are available out there do this particular hack so I thought I would add it for anyone who wants it. My apologies if I am repeating work that has already been done. I've looked all around for it, but have not seen it before.
This is a resource tweak for the shell32.dll to change the drag and drop cursor to more closely emulate the Panther OS X drag and drop cursor.
****UPDATED May 18 1AM****
The previous problem with the lack of transparency has now been fixed. Thanks to Shaggo, Relativity_17, for their help in figuring out how to perfect the transparency problem. The files are now 32-bit bitmaps with true alpha-blending for an accurate recreation of the OS X drag/drop pointer. These 32-bit files did not work on my system for reasons that still elude me, so for anyone having the same problem I am having, there are also 8-bit versions with hard matting (non-alpha-blended transparency) that work almost as well. Use those only if the 32-bit do not work for you. Hopefully I am the only one with this odd problem. Regardless, the white box of the previous version is now irradicated. If you are serious into OS X emulation, I highly recommend you do this tweak.
This is a resource replacement so you will need resource hacker to get into the shell32.dll and replace bitmap resources 142 and 143. The attached image below demonstrates what this hack is meant to do.
This has been tested to work on XP SP1. Please be sure to always back up your shell32.dll before making any changes to it.
Thanks again to Shaggo and Relativity_17 for the transparency fixes
Go here for part two of this tweak for the ole32.dll
cheers
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