It takes 3 to 5 minutes for the bell to ring, but if you want it to happen faster you can use this guide.
Note: Some people have done it with Pistol but we couldn't so we can't verify that it's possible or not, But if you are on your later plays, you can easily ring the bell with a sniper.
1. From entrance of the village, go inside the third building in your left.
2. Go up the stairs, jump out of window and keep going to your right to see the church in your sight.
3. Shoot under the squire hole you see on top of the church to ring the bell.