I found this when my little brother was trying to get into my iphone. I tried to unlock and it told me that I had to wait 55 minutes, so I plugged it into iTunes and played a song off it. When I got the "Slide to cancel syncing" message on the iPod i slid it and then I was asked to enter the passcode and it was unlocked.
Simple as that with no waiting time.
Simple as that with no waiting time.