If you've already been rendering scenes, then the cache
pre-population will be faster since some of those combinations will have
already been generated. So it can go from 15 minutes, if you start from
scratch, all the way down to about 1 minute if you've previously
rendered a bunch of different scenes.
On Linux, it's in /var/tmp/OptixCache/
On Windows it's stored in %LOCALAPPDATA%\NVIDIA\OptixCache\%USERNAME%
If you look at the log file and have sufficient verbosity settings enabled, you'll see a message telling you where it's placed. For instance, I get:
00:00:00 55MB | [gpu] setting OptiX disk cache location to: /var/tmp/OptixCache/thiago/arnold-5.3.0.1_driver-418.56_devices-13330667796282475375
The log file will also have plenty of other useful info such as whether compilation is occurring:
00:01:30 1120MB | [gpu] (16/16) Compiled program closest_hit in 1:25.528
This info is stored on disk and stays there forever until you delete it from disk. So even rebooting will leave this around so that future renders can happen quickly.
I think the part that might be causing confusion is what does pre-population have to do with your specific scene. I'll try to give a more detailed example. Suppose you install a new version of Arnold. Then you launch an IPR session of Arnold with an empty scene. When you first add a polymesh object you'll get a 1-2 minute pause. Afterwards, adding or removing polymeshes will happen very quickly. Rebooting your computer and creating a new scene with just polymeshes will also be quick since the polymesh configuration has been saved to the cache on disk. Great! But now you enable volumes and you get another couple minute pause. But after this happens this new configuration is saved to disk and now even after you reboot your machine and create new scenes, you can now enable and disable volumes with polymeshes without any delays. Then you add a curves node to your scene with a volume and polymesh and you get once again the 2 minute slowdown. Then you disable the volume and you get another slowdown because this is a new configuration that was never seen before. Then you remove all the polymeshes so it's just curves and this just curves configuration is also new and so this causes the 1-2 minute slowdown. In other words, if you make a table of all the different configurations of these settings any combination that wasn't seen before will cause this couple minute slowdown the very first time. But once you've compiled it and it's saved to disk, never again will you get a slowdown until you install a new version of arnold.
So all these 1-2 minute pauses can be a little annoying, though in truth they'll only happen a handful of times right after you upgrade arnold and then they'll probably never happen again, even after reboots and new scenes, because it's likely you'll have already populated the cache with these scene configurations.
What if you don't want to deal with these interruptions and would rather just take the 15 minute hit right after you install a new version of Arnold? Then you can optionally PRE-populate the cache. The "pre" means you do it before rendering any of your scenes and this will try to generate all the common configurations so that when you start using arnold you are unlikely to ever see any of these pauses. This is not a step you need to do and in my case I usually don't use it when I upgrade Arnold (I "upgrade" multiple times a day while developing new Arnold features) because I'd rather have the smaller delays come to me one at a time while I use Arnold rather than a big upfront cost. But if I was an end user that only upgraded once in a while, right after installing the new version I'd start the pre-population and go grab some coffee or check my emails.
We definitely would love for the GPU to be as simple to use and as fast to first pixel as the CPU. How or if we are able to match the CPU I can't say. For the time being, I suspect we'll have to keep around the cache and we'll continue to provide the option of pre-populating the cache as a convenience to users that want to get all this work out of the way from the very start.