Using pivot on datetime
I'd go with the classic Cross-Tab approach together with ROW_NUMBER to have "something" to group by:

;
WITH cte as
(
    SELECT ROW_NUMBER() OVER (PARTITION BY Type ORDER By Data) as pos, 
    * 
    FROM -- use your table name instead of the VALUES construct
    (VALUES
    ('2012-01-25 13:48:00.000' ,1),
    ('2012-01-25 13:49:00.000',2),
    ('2012-01-26 13:48:00.000',1),
    ('2012-01-26 13:49:00.000',2)) x(Data,Type)
)
SELECT 
MAX(CASE WHEN Type = 1 THEN Data ELSE NULL END) AS [1],
MAX(CASE WHEN Type = 2 THEN Data ELSE NULL END) AS [2]
FROM cte 
GROUP BY pos