OK, actually looked instead of guessing.
Open your ubbt.inc.php
Line 964 (at least on mine)...or search for "privacy"
[:"blue"] if ($config['privacy'] == "text") {
$template['privacy_statement'] = " | <a href="{$config['phpurl']}/viewprivacy.php">{$ubbt_lang['PRIVACY']}</a>";
}
elseif ($config['privacy'] == "url") {
$template['privacy_statement'] = " | <a href="{$config['privacy_url']}">{$ubbt_lang['PRIVACY']}</a>";
}[/]
Remove your pipes as you like...