I am running 4.0-current SMP of Apr 21 16:51:36 1999. Time appears to be drifting very fast, ~300 sec in 8 hours. dmesg and config attached at the end. I am using CLK_USE_I8254_CALIBRATION.
On 27 Apr at about 2000, the system appeared to freeze for several seconds, while lightly loaded, one user, using emacs to edit a small (10k?) text file. 27 Apr 08:02:47 ntpdate: adjust time server 192.5.41.40 offset 0.268785 27 Apr 23:54:17 ntpdate: step time server 192.5.41.40 offset 564.832098 27 Apr 23:54:24 ntpdate: adjust time server 192.5.41.40 offset 0.092320 27 Apr 23:54:46 ntpdate: adjust time server 192.5.41.40 offset 0.269666 27 Apr 23:55:41 ntpdate: step time server 192.5.41.40 offset 0.807377 28 Apr 08:39:52 ntpdate: step time server 192.5.41.40 offset 310.876164 28 Apr 08:40:25 ntpdate: adjust time server 192.5.41.40 offset 0.327690 28 Apr 08:48:28 ntpdate: step time server 192.5.41.40 offset 4.873418