A tcolorbox version which allows page breaks and is heavily customizable:
\documentclass{article}
\usepackage{tcolorbox}
\tcbuselibrary{skins,breakable}
\usepackage{lipsum}
\newtcolorbox{mybox}{
freelance,
breakable,
colback=white,
top=0pt,
frame code={ %%decoration code for unbreakable version
\draw(frame.north west)--(frame.south west);
\node[at=(frame.north west),anchor=north east,xshift=-5pt,circle,fill=black, inner sep=3pt]{};
},
extend freelancefirst={ %%decoration code for breakable version, first page
frame code={
\draw(frame.north west)--(frame.south west);
\node[at=(frame.north west),anchor=north east,xshift=-5pt,circle,fill=black]{};
},
},
extend freelancemiddle={ %%decoration code for breakable version, middle pages
frame code={
\draw(frame.north west)--(frame.south west);
},
},
extend freelancelast={ %%decoration code for breakable version, last page
frame code={
\draw(frame.north west)--(frame.south west);
},
},
}
\newcommand{\myitem}[1]{\item\begin{mybox}#1\end{mybox}}
\begin{document}
\begin{itemize}
\myitem{one line}
\myitem{two
lines}
\myitem{\lipsum}
\end{itemize}
\end{document}

tcolorboxinstead of oneitemize, take a look at Gonzalo's answer in How to aligntcolorboxat the top?. You'll have to change box dimensions and use$\bullet$as optional parameter. – Ignasi May 07 '14 at 14:06