I have an ASP.NET 3.5 website running under IIS7 on Windows 2008.
When I restart IIS (iisreset), then hit a page, the initial startup is really slow.
I see the f
Greater than 60 seconds sounds fishy. Try running a test.html page to see how long that takes. That will isolate IIS7's role.
Then temporarily rename your web.config, global.asax and application folders and try a test.aspx page (very simple page). That will isolate ASP.NET.
If both of those are fast (i.e. about 10 seconds), then it's your application. But, if either are slow then not the application and something with the server itself.