MOV R1,#0FFh        ; Acc holds delay variable (1 clock)
 DLY0:      MOV R2,#0FFh        ; Set up delay loop0 (2 clocks)
 DLY1:      MOV R3,#08h     ; Set up delay loop1 (2 clocks)
        DJNZ    R3,$        ; Dec R3 & Jump here until R3 is 0 (3 clocks)
        DJNZ    R2,DLY1         ; Dec R2 & Jump DLY1 until R2 is 0 (3 clocks)
        DJNZ    R1,DLY0     ; Dec R1 & Jump DLY0 until R1 is 0 (3 clocks)
        RET