If you don't mind creating a PNG
image (with transparent background) of the bullet (or other separator), then you can use a natural space between the list items painted with this as the background.
Where the list items wrap onto the next line, the space---and thus its background---won't be rendered.
This avoids layout issues relating to the space taken up by the separator, as well as avoiding any Javascript/jQuery, taking advantage of the browser's own layout engine to do the work. You can adjust the space for the separator with the word-spacing attribute.
You'll need to ensure there is no other whitespace within the markup that might otherwise be used as the natural space. You could use a higher-res image than the 5x5 here, in conjunction with background-size, so that it still looks ok when zooomed, but note IE8 doesn't support scaling of background images. The other drawback is that if you want to change the colour you'll have to edit the PNG.
FIDDLE
Code based on modifying @bleuscyther's answer:
CSS :
ul { max-width: 700px; padding: 0; text-align: center; }
ul li { display: inline; white-space: nowrap; }
ul .separator {
word-spacing: 1.1em;
background-repeat: no-repeat;
background-position: 50% 60%;
background-image: url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAUAAAAFCAYAAACNbyblAAAAOElEQVQI113M0Q3AIBRC0aM76P7jmHSmSj/6mibyc4EQkEEWuYtDmU1SXO1d6H7tjgupIl8+P+cD22cff9U1wbsAAAAASUVORK5CYII=);
}
HTML :
<ul>
<li><a href="http://google.com">Harvard Medical School</a></li><span class='separator'>
</span><li><a href="http://google.com">Harvard College</a></li><span class='separator'>
</span><li><a href="http://google.com">Harvard Medical School</a></li><span class='separator'>
</span><li><a href="http://google.com">Harvard College</a></li><span class='separator'>
</span><li><a href="http://google.com">Harvard Medical School</a></li><span class='separator'>
</span><li><a href="http://google.com">Harvard College</a></li><span class='separator'>
</span><li><a href="http://google.com">Harvard Medical School</a></li><span class='separator'>
</span><li><a href="http://google.com">Harvard College</a></li>
</ul>