Código PHP:
<select tabindex="7" name="" id="">
<option value="">Hora</option>
<option value="">01</option>
<option value="">02</option>
<option value="">03</option>
<option value="">04</option>
<option value="">05</option>
<option value="">06</option>
<option value="">07</option>
</select>
<!---------minutos--------->
<select tabindex="9" name="" id="">
<option value="">Minutos</option>
<option value="">:01</option>
<option value="">:02</option>
<option value="">:03</option>
<option value="">:04</option>
<option value="">:05</option>
<option value="">:06</option>
<option value="">:07</option>
</select>