Maybe 10 minutes. I used QuickPwn on my iPhone and it was definitely quick and super easy. It takes the longest to actually install it on the device (so from reboot to installation finished). It may hang at the Apple logo for a while. It took my iPhone 5 minutes to get past it before it went to the home screen. Just give it some time if it does that.
Idk about the ipod, but i did it to my friends iphone 3g and it took about 10-15 minutes. I cant be certain though because i made a sandwich, ate it, went back to my computer and it was done. It was no more than 15 minutes, i am sure of that.