The hardware compatibility list shows a promising number of machines ( http://www.menuetos.net/hwc.txt ). If you have a spare one, you could try and report. There is a chance that you will achieve a very fast boot time.
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AROS (Amiga) could reboot in ~7s, ~15yrs ago. And you can do more than you can with MenuetOS. Again, today you will probably break that record.
https://www.youtube.com/watch?v=_yNIuNnBrWg
Edit:
You can see here a recent AROS booting in 3s (it is not clear if it is bare metal though):
baremetal os might be it the one tho
http://board.flatassembler.net/topic.php?t=22194
(MenuetOS is Ville's project)
The code was GPL, but kolibri did replace copyright headers and that was Ville's main gripe. Whether or not that breaks the GPL, I cannot say (they kept his name in the license file).
https://github.com/ReturnInfinity/BareMetal
The one you linked to is a fork that is 83 commits behind a repo that is no longer maintained.
Replace nethack with your favourite editor, and it might just work. (Well, also replace the floppy disk with something faster.)