The object with a lower mass will reach terminal velocity
first.
Terminal velocity occurs when air resistance equals to the
weight of the object. The object with a lower mass will thus
achieve terminal velocity with a lower amount of air
resistance.
Since air resistance is proportional to velocity, this means
that the terminal velocity of the object with lower mass is
lesser.
Since the velocity is lesser, therefore it takes a shorter
amount of time to achieve the lesserterminal velocity.