Windows 2008 NTP problem?

I've got a Windows 2008 R2 server sitting as a guest on our RHEL 5.4 server.  I just happened to notice that the time was off.  Way off, like about six minutes.

The w32tm.exe utility has some interesting switches.  I used one to stripchart against the main time server:

C:\Users\Administrator>w32tm /stripchart /computer:buran
Tracking buran [192.168.1.200:123].
The current time is 2/8/2010 12:12:44 PM
12:12:44 d:+00.0077832s o:+416.5745527s
12:12:46 d:+00.0029019s o:+417.0718254s
12:12:48 d:+00.0019183s o:+417.5564322s
12:12:51 d:+00.0019141s o:+418.0448887s
12:12:53 d:+00.0019232s o:+418.5206214s
12:12:55 d:+00.0019154s o:+419.0251265s
12:12:57 d:+00.0019209s o:+419.5642993s
12:12:59 d:+00.0019262s o:+420.0780252s
12:13:01 d:+00.0019133s o:+420.5655424s
12:13:03 d:+00.0019161s o:+421.0448077s
12:13:05 d:+00.0028745s o:+421.5292839s
12:13:07 d:+00.0019101s o:+422.0110611s

Wow.  I'm losing a second every four seconds.  Not good.

I've got w32time set up in NTP mode on the Windows server, so I'm not quite sure what's going on here.  Until I figure it out, I'm going to set the system up to resync time once a minute.  That'll at least keep me within 15 seconds of reality.  Change

HKLM\SYSTEM\CurrentControlSet\Services\W32Time\Config\TimProviders\NTPClient\SpecialPollIntercval

to 60, and start/stop w32time

C:\Users\Administrator>w32tm /stripchart /computer:buran
Tracking buran [192.168.1.200:123].
The current time is 2/8/2010 12:26:40
12:26:40 d:+00.0048590s o:+09.2796603s
12:26:42 d:+00.0009300s o:+09.8433852s
12:26:44 d:+00.0019293s o:+10.4054516s
12:26:46 d:+00.0019263s o:+10.9600696s
12:26:48 d:+00.0019241s o:+11.4967021s
12:26:50 d:+00.0019256s o:+12.0280363s
12:26:52 d:+00.0019269s o:+12.5750087s
12:26:54 d:+00.0019231s o:+13.1260536s
12:26:56 d:+00.0019243s o:+13.6663052s
12:26:58 d:+00.0018872s o:+14.2191757s
12:27:15 d:+00.0009443s o:+00.1400540s
12:27:17 d:+00.0019228s o:+00.6581759s

Better.  Not perfect, but better, and the network will be able to handle an NTP request every minute.  Now, all I have to do is find out what's wrong...