The Tech-Recipes tutorial blog writes up a quick guide on docking the Recycle Bin icon as a separate item on the Windows 7 taskbar, instead of underneath Windows Explorer.
Following the guide is simple enough—just create a new shortcut to explorer.exe with shell:RecycleBinFolder as an argument, assign the Recycle Bin icon in the properties, and then choose Pin to Taskbar on the context menu. Once you are finished, you'll have a separate recycle icon on the taskbar—useful for quick access to deleted files without having to hunt down an icon on your desktop, especially since Windows 7 doesn't natively include the ability to pin the Recycle Bin to the desktop.
Hit the link for the full walk-through, or you can check out our guide to what's new in the Windows 7 release candidate—once you've done that, make sure to read through how to enable XP Mode in Windows 7.
Windows 7: Put a Recycle Bin Shortcut on the Taskbar [Tech-Recipes]