Recovery time depends on the thickness of the material being formed, the relative humidity in the air and the moisture content of the wood prior to treating with steam or dry heat. Rule number one is not to rush or try to force it to dry or remoisturize. Rule two is not to stress the treated material until it has returned to the proper moisture content. Rule number three is to use dry heat for dried wood and use steam heat for green wood.
So, how do you know if it's the right time? Use the weight method. Weigh the workpiece before heat-treating it. Weigh it again after it has cooled to room temperature. There will be a weight difference. Once the weights equalize, (usually days later) you can begin to stress the wood. If you follow the above three rules, you will avoid excessive string follow, checks or cracks and or explosions.
As an added note, when heat treating wood regardless of method, it's the core temperature of the material that makes and allows for a permanent change in shape. If the material core doesn't get hot enough, the material will try to return to it's former (as grown) shape.
For safety sake, make sure that if you use steam, that you do not allow pressure to build up in the steam chamber and let the steam and moisture trickle out. You do not need to seal the ends of the steam chamber for the heat-treat process to work. It's all about time and temperature. Pressure treating is not heat treating!