# golflua, 54 characters

    \f ~@i=1,9~@j=1,i I.w(S.q("%dx%d=%-3d",i,j,i*j))$w()$$

Sample run:

    > \f ~@i=1,9~@j=1,i I.w(S.q("%dx%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