> 2 years Master's from Canadian University - graduated
> 1 visa from as Temporary Worker (Canadian Experience Class)
> 1 year (on contract) working experience (internship) -
> contract terminates after 1 year exactly
...
> Is this person eligible for PR status and if yes,
Well, PR application is the process to determine whether a
person is eligible for PR status. So you need to go through the
process to actually find eligibility. To guess eligibility, you
will need to provide all information requested in a PR
application in a specific category; what you gave is far from
that.
But if you want to know whether the eligibility to apply PR
under Canadian Experience Class, what you describe seems to be
close; you also need the 1 year job all after study completion,
full time, and in NOC skill levels A, B, or 0.
> how soon can we start applying ?
After at least 1 year of work is done, but before 1 year after
stop working in Canada. IMHO you should apply as soon as stop
working in Canada.
Read more here:
http://www.cic.gc.ca/english/immigrate/cec/index.asp
> how long does it take for PR applications to process?
Unfortunately as new category, CIC does not have enough data to
show how long applying for PR under Canadian Experience Class
took.

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____ ____ ____ ____ (stephan paul) Arif Sahari Wibowo
/___ /___/ /___/ /___ http://www.arifsaha.com/
____/ / / / ____/
Disclaimer: IANAL, IANALP, IANAMD, IANAMP, IANAAP
my statements - if any - should be treated as such.