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Accordion Archive Widget is exactly what the name implies. It recreates the stock archive widget, but this time around the widget is laid out as an accordion. It gives you the years of the archive, and then when the year is clicked it expands to show the months.
Development can be tracked at http://github.com/pathartl/accordion-archive-widget
Screenshots
This is an image of the collapsed accordion.
This is an image of the accordion expanded revealing the months.