You could do a normal SQL truncate or delete command, using the DataContext.ExecuteCommand method:
context.ExecuteCommand("DELETE FROM Entity");
Or
context.ExecuteCommand("TRUNCATE TABLE Entity");
The way you are deleting is taking long because Linq to SQL generates a DELETE statement for each entity, there are other type-safe approaches to do batch deletes/updates, check the following articles:
- Batch Updates and Deletes with LINQ to SQL
- LINQ to SQL Extension: Batch Deletion with Lambda Expression