This sounds like a more complex problem not related to the operations that you have performed. The fact you have performed 1 insert and 1 update operation is not an issue causing the SaveChanges() call to be executed slowly.
There are number of reasons that can cause such behavior and they could be related to the database connection or something specific to your particular domain model.
The only way for us to help you resolve this issue is to have more information regarding the scenario from your side. How do the classes that you insert and update look like? What is the exact code that you execute when you observe this behavior.
the Telerik team
SP1 for Q3’11 of Telerik OpenAccess ORM is available for download.