These are called conditional value lists and the value selected in the first conditional valuelist for product types filters the values in the second value list.
Have you ever constructed a conditional value list before? (Need to know where to start in answering this question.)
If this is a new concept here are some links to get you started. This should be enough to get to Product Types value list and then we can continue the process to get the products value list.
Forum Tutorial: Custom Value List? (don't use Option 1 here.)