The timeout period elapsed prior to completion with options correctly set

Timeout expired.  The timeout period elapsed prior to completion of the operation or the server is not responding.

SQL Server 2012 BI 64-bit on Windows Server 2008 R2 STD with 16 GB memory.

Under Query Execution in Options
Execution time-out: 0

Override connection string time-out value for table designer update. Checked
Transaction time-out after: 65535

In Server Properties under Connections
Allow remote connection to this server: checked
Remote query timeout (in seconds, 0=no timeout): 0

After double-checking all timeout values I rebooted the server to be safe.

Script is simple:
Insert table1 select * from table2

There are about 11 million records.

Seems to time out about 20 minutes, but I can't really tell because in their infinite wisdom Microsoft has decided to not display the time elapsed in case of a timeout.

What have I missed? Are there other settings?

Thanks