I assume 1 minute is so it doesn't get hot and expand in volume too much, giving an overly optimistic reading.
Expansion while hot is why I don't check it hot, just after flying. I only gurgle it then, to get ready for manana--and gurgling and checking the level cold--i.e., at ambient temperature next day.
I just know that when my oil--AV9--is fresh and so clean it is difficult to see on the stick, she gurgles in a hurry--and that is with pumping it into the Sting's oil tank, which sits up way higher above the engine than most.