golflua, 5454 49 characters
\f ~@i=1,9~@j=1,i I.w(S.q("%dx%d=%i.."x%d=%-3d",i,j,i*j))$w()$$$
Sample run:
>bash-4.3$ \fgolflua ~@i=1-e '~@i=1,9~@j=1,i I.w(S.q("%dx%d=%i.."x%d=%-3d",i,j,i*j))$w()$$
> f()$'
1x1=1
2x1=2 2x2=4
3x1=3 3x2=6 3x3=9
4x1=4 4x2=8 4x3=12 4x4=16
5x1=5 5x2=10 5x3=15 5x4=20 5x5=25
6x1=6 6x2=12 6x3=18 6x4=24 6x5=30 6x6=36
7x1=7 7x2=14 7x3=21 7x4=28 7x5=35 7x6=42 7x7=49
8x1=8 8x2=16 8x3=24 8x4=32 8x5=40 8x6=48 8x7=56 8x8=64
9x1=9 9x2=18 9x3=27 9x4=36 9x5=45 9x6=54 9x7=63 9x8=72 9x9=81