The timepicker does inherit all options from datepicker. However, there are many options that are shared by them both, and many timepicker only options:
{
	create: function(tp_inst, obj, unit, val, min, max, step){	
		// generate whatever controls you want here, just return obj
	},
	options: function(tp_inst, obj, unit, opts, val){
		// if val==undefined return the value, else return obj
	},
	value: function(tp_inst, obj, unit, val){
		// if val==undefined return the value, else return obj
	}
}
			{
	hour: 19,
	minute: 10,
	second: 23,
	millisec: 45,
	microsec: 23,
	timezone: '-0400'
}