I fell out with my best best friend last year, we didn't speak for about two months, but he texted me saying he was sorry (we'd been argueing aswell) and said he would like to give our friendship another go. I accepted his apology straight away and it was abit strange being back on speaking terms at first but we soon forgot about it and now our friendship is stronger than ever.
I think it is probably just a matter of who makes the first move. Send him a letter or a text saying how you realise you were being daft for argueing and you would really like to talk about things and become friends again. Tell him that your friendship means alot to you. It is probably just that neither of you want to apologise first because of the awkwardness of the situation.
Hope that helps
x