I know this question is ridiculously old but i thought i'd post this simply for anyone else who comes across this issue. I ran in to this issue with my son's iPod. His time on his phone was 22,987,898 minutes. So roughly 43 years...
All I had to do was hook it to the computer that I last synced it to and hit sync. It then stated that the passcode was required. I hit the home button on the phone and it was back to the passcode screen. I put the code in and was good to go.
There is no need to do DFU mode or any of that. No need to wipe it or even lose your jailbreak if you have it. It just loads right up.
You do have to make sure it's the computer you originally synced it with. A different computer doesn't seem to work. I tried that first.