If something happened in the past, Charlie will sometimes refer to it as "yesterday." Everything happened yesterday, unless it was a long time ago in which case he will say, 'Daddy, remember when _____" and leave out any references to time.
I don't think he understands it when I say something will happen in 1 minute versus 5 minutes. Or 1 hour.
In general, I think the concept of time is pretty hazy to him. Not sure how to explain it, but pretty sure he'll pick it up naturally over time!
Does your little one understand the concept of time? What helped them understand how time works?