The reason for the delay is because the bot's telnet server is waiting for a response to an ident request on port 113.
If you join the partyline by some other method and watch events while you try to connect via telnet, you will see the connection attempt and some seconds later the ident timeout. Your telnet connection will complete after this ident timeout.
A possible solution is to run an ident daemon on the computer from which you are trying to connect to the bot via telnet. This means that the bot immediately receives an ident response and permits the telnet connection without delay.
I sometimes use Windows Ident Server 2.0 from :-
http://rndware.info/products/windows-ident-server.html
Windows Ident Server allows you to see all requests and responses.
If you are operating a PC with a direct internet connection you may need to allow traffic on port 113 through your firewall. If you are operating a PC with internet connection through a router, you may have to reserve a static internal IP for the PC and setup a virtual server on the router to direct traffic on port 113 to the reserved IP (otherwise the router does not know which internal IP address is supposed to receive the ident request).
I don't have the same problem using DCC chat from mIRC IRC client presumably because mIRC has its own built in ident server. If you use a standalone ident daemon, then you should switch off all others, such as the mIRC option, otherwise there is a conflict binding 0.0.0.0:113