Type "cursors" in the start menu and click "Change how the mouse pointer looks".
Changing mouse pointer scheme will switch to a brand new set of cursors: pick another theme from the "Scheme" dropdown, and these cursors are displayed below - to test the change in real time, click "Apply". "Inverted" schemes are more visible (using black cursors), and each set comes with different cursor sizes: "system" (standard), "large", and "extra large".
To customize an individual cursor, double-click on it and pick another file: to only show static cursors or animated cursors, filter them using the "Files of type" dropdown. Windows 7 looks by default in the system's cursor folder ( C:\Windows\Cursors\ ), but you can navigate to any other location (to use cursors from a downloaded a mouse pointer scheme, for example).
Tip: click on a cursor in the "Browse" file picker to get a preview of it in the bottom left corner.
To restore a single cursor to its default, select it in the list and click "Use Default". To restore all default mouse pointers, just select another theme from the Scheme dropdown.
To hide cursor shadows, uncheck the "Enable pointer shadow" checkbox.
When you change theme, your cursors may be affected as well: to keep your current scheme at all times, uncheck the "Allow themes to change mouse pointers" checkbox.
Once you've spent time customizing it, you can save your mouse pointer scheme: click on "Save As" at the top, type a meaningfully descriptive name, and click "OK" to save. You can then safely switch to another scheme, because yours one is now in the dropdown as well!
To delete a cursor scheme, select it in the Scheme dropdown and click "Delete". You can remove your schemes and downloaded ones; you can't delete standard Windows 7 schemes.
Once you've configured everything to your liking, click "OK" to apply.