Most of time-outs are hitting or throwing related, so we take away the offending object. For how long should the object disappear? To put DS in time-out is one minute, but to take away the item until he calms down and then give it back seems like it reinforces bad behavior.
Re: S/o time-outs
this is what i would do.
at this age, their memory is not that long anyway. more than likely LO won't miss it.