We have obtained exposures of the field of X0512-401 in the globular cluste
r NGC 1851, in X-rays with the Chandra X-Ray Observatory, and in the far-UV
with the Hubble Space Telescope. We derive an accurate new X-ray position
(within similar to1") for X0512-401, which enables us to confirm that the o
nly plausible candidate for the optical/UV counterpart is star A, which we
previously identified from Wide Field Planetary Camera 2 imaging. We find n
o evidence for X-ray or UV flux modulation on the ultrashort (less than or
similar to1 hr) expected binary period, which implies a low system inclinat
ion. In addition, we have detected and spatially resolved an X-ray burst ev
ent, confirming the association of the burster, quiescent X-ray source, and
optical object. The very large of L-X/L-opt of this object implies an extr
aordinarily compact system, similar to the sources in NGC 6624 and NGC 6712
.