I've used Anchor Seal, glue (yellow or white), and paint.
Paint is the cheapest because almost everybody has some leftover paint sitting in their garage from the last project. Paint is okay (I would use latex - several coats), but the pigments can be abrasive, so you don't want to cut through it or you will dull your blades.
I've heard of people using paste wax or paraffin. Use what you have.
Anchor Seal (AS) is the best, but it's pricey and difficult to obtain locally. AS is a wax emulsion - that is, it's a wax suspended in a water solution. You don't want to let the product freeze before applying, so keep it indoors (after it has been applied, temperature is no problem).
Drying time is dependent on too many factors (wood size, species, temperature, humidity, air flow, etc.) to give an answer. If you can weigh the wood very accurately, check it once a month. When the weight hasn't dropped for 2 or 3 months, it's probably "done". It's best checked with a wood moisture meter made for this.
The wood will dry much faster if you cut it into planks or boards first, rather than leaving it in the log or "chunk" form to dry. It will also be much easier to cut when it's "green". Wood gets harder as it dries - think of the difference between a damp sponge and a sponge that is bone dry. Just be sure to stack it neatly with space for air to flow between the boards and weight on top of the stack.
Good luck
- Marty