Sorry for the late response.
Its just below the Starred contacts in the last tab after dialer & contacts.
The list starts with starred & then Frequently Called and then your regular contacts.
The list is just useless, the contacts in that list are not even the ones I contact the most. No idea how to erase those at all.
There is a post where a lot of people are cribbing about it as well as exploring some solution. Please review if this helps you. http://forum.xda-developers.com/show....php?t=1401392
Please see if you find this discussion useful for a possible solution: http://forum.xda-developers.com/show...d#post24795086