We had the same issue in EF 5.0 and as of today a superficial Google search does not reveal a sufficient speed-up.
According to this link http://msdn.microsoft.com/en-us/library/cc853327(v=vs.100).aspx “Loading Metadata” carries a moderate time cost but only needs to occur once per AppDomain. I have found no pre-compilation like tricks for loading the meta-data.
The workaround we’ve implemented is to do a minor query on the Context in a separate thread when the application launches. This loads the meta-data, it still takes a long time (18-19 seconds in our case), but the app is responsive during the load. Also the first actual load does not take as long.
Please note that in our context it is possible for the user to spend 18-19 seconds in the application before an EF call will need to be made in response to their actions. Obviously if this is not possible in your application this work around may not provide much of a speed increase.