I originally had this tutorial posted on one of my old sites and decided to post it here.
This Photoshop tutorial will show you how to create a retro sunburst. This tutorial was used to create the Mobile Banking ad for FNB Bank
Create a new document (For this tutorial I used a document size of 1600×1600 at 300 dpi)

Create a New Layer
Set the foreground and background colors (I used #f9b048 for the foreground and #f6e876 for the background)
With Layer 1 selected choose the gradient tool. Make sure Linear Gradient is selected.
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Start from the bottom, click and drag mouse vertically to the top (hold the shift key for a perfectly straight line).

Go to Filter > Distort > Wave and apply the following settings:

The result will be something like this:

To change the size of the vertical bars you can vary the wavelength. Wavelength min and max must be the same for the vertical bars to be equal size.
Go to Filter > Distort > Polar Coordinates and select the following:

Your final result should look like this:

You can play around with the different settings to get slightly altered effects. I hope this tutorial has helped to give you some new ideas.