Here what scientists at NASA are saying:
NASA scientists expect more rapid global warming in the very near future (part 2)
The Solar Cycle
Small fluctuations in the sun's output occur over a roughly 11-year cycle (peak-to-peak) and vary by as much as 0.25 watts per square metre(W/m2). This may sound sound small, but it's rather substantial when compared to Earth's energy imbalance - that is: the difference between energy (heat) entering and leaving Earth's atmosphere - the global warming-caused imbalance.
The NASA analysis has this imbalance at 0.58±0.15 W/m2 (Hansen 2011), whereas Loeb (2012) has it at 0.50±0.43W/m2. Either way the solar cycle-induced change in energy received from the sun (0.25 W/m2) is large compared to Earth's energy imbalance.
Because of the ocean's thermal inertia (it takes a long time to warm up), global temperature change caused by the sun's variabilty lags solar irradiance by about 18 months. The 'trough' in the solar cycle (figure 1) was therefore still exerting a cooling influence on surface temperatures in 2011. However this is expected to quickly change to a warming effect over the next 3-5 years because the sun is on its ascent to the peak of the next cycle. As circled in figure 1 - extra sunlight has gone into the oceans in the last 18 months. This warming is a 'train that has already left the station' so-to-speak, and will soon manifest itself in global temperature.