Alex,
It depends on the precision you want to consider the problem at, and the observers reference frame.
The motion of the sun through space is so close to uniform motion that we can assume the frame of reference is inertial. So the earth rotates around the sun... if the inertial frame of reference is moving with the sun, then yes... the earth rotates around where the sun was 8 minutes ago
(which just happens to be the same place that it is now!!!
). If the inertial reference frame you observe the sun from is moving uniformly at a velocity not equal to zero relative to the sun, then the earth rotates around the sun and NOT where it was 8 minutes go.
In actual fact the sun is rotating around the centre of the milky way galaxy, and is subject to extremely small perturbations by nearby stars, so it is actually not moving in uniform motion in the most precise terms - it is subject to accelerations - but they are so extremely small! And since the distances between stars are so big compared to the earth-sun radius, the earth is subject to the same accelerations (which are essentially negligible).
So the short answer is... the earth rotates around the sun. i.e. a component of the velocity of the earth is the same as that of the sun.
Al.