Timer problem

[skimask]

At 128uS per tick of the timer, i'd expect a result of about 8, however I get 95.

At 48Mhz...
Each MCU instruction cycle = .083us ( 1/ (48mhz/4) )
.083us * 256 for the Timer 0 prescaler = 21.3us
2048 us pause / 21.3 us per T0 tick = 96