How long should I wait? I've let it run for about 5 minutes, as it says in mer-wiki: Reboot the device and it should boot to Sailfish OS. If the device shows Google logo for 4-5 minutes, do a reboot using power button.

I'm using cm11 from the installation guide:
Download CyanogenMod 11 snapshot M11 from https://download.cyanogenmod.org/get...hammerhead.zip and follow instructions from http://wiki.cyanogenmod.org/w/Install_CM_for_hammerhead to install the CyanogenMod image.