I think the other posters have some really good points. However, if you want to do it yourself and you are asking us how to do it, you should look at some previous threads. A search for log splitter or logsplitter will probably answer all of your questions. The simple facts to remember while designing this are:
1. Pressure = Flow / Area
2. The extension time of a double acting cylinder is longer than the retract time because of the volume taken up by the rod.
3. Net area is the area of a circle (extending) or donut (retracting). The area for a circle is about 3.14*radius*radius. To calculate the area of a donut, you subtract the inner area from the outer area.
4. To calculate the cylinder's speed, the formula is:
Speed = (231*GPM) / (60*Net Area)
5. Once you know the speed, the time is:
Time = Stroke Length/Speed
6. Since extend and retract times will be different, the total cycle time is the extend time plus the retract time.
7. A 4" cylinder is the standard size for this application, but I think you can get away with a 3". If you want to further improve cycle time, you could consider regenerative flow with a pressure relief valve and a check valve between the rod end of the cylinder and the pump. See this link:
http://www.hwhcorp.com/ml37939.pdf
Here's a non-automatic version of the circuit i was describing, and it's built into the valve:
http://www.cylinderservices.net/catalog.asp?prodid=601852 It's for a 4GPM pump max, but you may find one for your bigger pump. At your pump flow rate, things could get scary though.