A constraints + modifier based solution for animating a cable winding up and down. The system includes a way to control the position and motion of the free cable end as well. The controls are accessible through "spindle armature" in pose mode. Move "spindle control" bone along the local Y axis to set the winch in motion. Use the bones "track to coil", "cable 1" and "cable 2" to control the position or the motion of the free end.

Place and orient the model by grabbing the "spindle armature" (in object mode).