Well, how is it going? Do you have two-sided conversations (however short), or is it just you naming things in the world for now? Does she learn the words, repeat them?

Well, I use the same approach that I tried two years ago (and stopped because I thought she was too young). I say a phrase, or name a thing, then i dub it in Ukrainian, and then repeat it in Quenya. If I notice understanding, I stop dubbing. For now, she seems to understand a couple of simple words like vá, mai, mana merityë?, hantalë. I myself am still waiting for first words from her mouth.

+Ицхак Пензев
exciting!
 And do you give her any background to the language, or do you treat it simply as an alternative way of communication?

No backgroud yet. Maybe, a but later. Indeed, I see that I lost the proper moment: her Russian and Ukrainian vocabulary is already too large, and she is a real chatterbox. But I'm trying, since she still seems interested.

How would you say "minute", "in five minutes"?

+Ицхак Пензев I coined lúmesta "fraction of an hour" recently

Since "minute" means "smaller", I think I'll try picina.

+Ицхак Пензев
you can, but does it have to be a direct translation of the Latin?

No, it does not. But it seems convenient.

+Ицхак Пензев
if picina is a minute, what's a second?

+Tamas Ferencz 
neuna?
I foresee holywars, but this is one of approaches Eliezer ben Yehudah used in Hebrew revitalization, namely recycling of obsolete words to new meanings connected to the old ones by mere association.

+Ицхак Пензев literally a second? Well, after all, why not