This run abuses a glitch where the game runs faster for a couple seconds after you close the pause menu. If you try to replicate the glitch, note that the behavior seems to be affected by how long the game was paused, and by whether the glitch was already in effect when the game was paused.

The timing was determined by finding the first frame with the same timestamp as the frame where "Go!" first appears, 0:14, and counting how many frames the "Go!" frame is after that first frame with a 0:14 timestamp. (28). Since the video is 30 fps, the start time is 0:14 28/30. I did the same thing for the frame that says "You Won!", and got the time 1:03 13/30. So the difference between the two is 48 15/30 seconds.