A wrote: The new restored one by Milestone. But I wonder what the running time was. Imdb lists the director's cut as over half an hour shorter than the previous version... 

And that's about correct. But the boxset put out by Milestone/New Yorker features both versions. The initial one, which made the festival rounds during the early-'80s, was said to be "unfinished." Burnett obviously went back and re-edited it and it's now only 81 minutes long.