As you wrote it, it is not going to work, you can't just put an "or" in the middle of any code.
I'm not really sure what your goal is or I'd give you an idea where to go... Maybe..
PHP Code:
$array = array(); //New array
$array[0] = $vbulletin->options['list1'];
if ($vbulletin->options['list2']) // If list2 exists
$array[] = $vbulletin->options['list2'];
That creates new array...
Assuming list1 always exists array[0] gets its value
Then If list2 exists the next element in array (array[1] in this case) gets the value of list2