satheesh : Two minutes seems to be too excesive....And that time is always or it is the first time you load the universe list? How many universes you got in your list?
Seems something in the cache isn't working properly. The FRS is local to the APP server or is located in a different physical drive? Could be related to the user name were the service is running?
It wouldn't hurt shutdown Antivirus to verify your hypotesis.