Never had to get that proceedure for my dog, but I had to have it done on *me*, and I can say from experience that the recovery time will vary depending on how patient the patient is!
A young dog will obviously heal quicker than say, a thirtysomething gal (My ordeal was about 4.5 months start to finish). Also, correcting it early can even forstall/minimize the development of tendonitis or arthritis in that joint later on. The longer you wait, the more the joint is going to be able to grind itself down, opening that dog up to a life of chronic pain. Good to get it taken care of now.
A couple of my friends had their dogs go through this, one younger one older. Each came through it beautifully, though it was a struggle in both cases to get the dogs to rest. This is where crate training can be a real boon.
Best wishes to your sweetiedog for a full recovery!