using this program which i used for 1 second delay for i minute:-

ORG 00H
MOV R0,#60D
DELAY2: MOV R1,#51D
MOV R2,#101D
DELAY1: MOV R3,#101D

DJNZ R3,$ (we get a value 100 after that,)
DJNZ R2,DELAY1 (R3 runs 100*100)
DJNZ R1,DELAY1 (Ro firstly decrement to 50 ,then comes the value 100*100, so the program [(100*100)+(100*100)]*50 )
(Now to get a 1 minute delay we just multiply the above equation by 60 rite? as iam having problems with simulator iam unable to see what is happening with this program )
DJNZ R0,DELAY2
CPL P1.0
RET

Is it ok? or do i have to do something else
Now if the same i want to do with a timer then please explain how i can?