Datetime is a datatype.
Timestamp is a method for row versioning. In fact, in sql server 2008 this column type was renamed (i.e. timestamp is deprecated) to rowversion. It basically means that every time a row is changed, this value is increased. This is done with a database counter which automatically increase for every inserted or updated row.
For more information:
http://www.sqlteam.com/article/timestamps-vs-datetime-data-types
http://msdn.microsoft.com/en-us/library/ms182776.aspx