I have two sites to be connected by VPN tunnel.Is it possible to create a site-2 site VPN,where one site is having a Dynamic ip via ADSL and other site has the Static public IP.
Yes it's possible: you should use a dynamic crypto map on the side where the static ip address is configured.
In this case you can initiate the IPSec connection from the client side only that has the dynamic ip address, as the server side cannot be configured with a peer ip address (it's dynamic).