<?php $years = $wpdb->get_col("SELECT DISTINCT YEAR(post_date) FROM $wpdb->posts ORDER BY post_date DESC"); ?>
<?php foreach($years as $year) : ?>
    <h2><?php echo $year; ?></h2>

    <ul>
      <?php query_posts('year='.$year); ?>
      <?php if (have_posts()) : while (have_posts()) : the_post(); ?>
        <li><a href="<?php the_permalink() ?>"><?php the_title(); ?></a></li>
      <?php endwhile; endif; ?>
    </ul>
<?php endforeach; ?>
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