Solution to white text select cursor
After reading some suggestions about third party plugins, I checked out the Shades settings (wonderful plugin to reduce brightness below system settings) and this is what seems to cause the annoying cursor appear in white. I guess the monitor is too low of brightness that the cursor automatically changes into white for more contrast. (which is a very bad move as the cursor just disappears...)
So... I stopped Shades from running, have my black text cursor back, but at the same time a monitor with it's brightness too high! :-S