Not feeling lucky? Here is a strat that requires absolutely no luck. Just punch his gut until you get pink then counter his open mouth punches and punch on the 3rd one. Rinse and repeat. Doesn't yield an impressive time at all but at least can be done every time.
While this strategy is possible in real time this movie is Tool-assisted and represents a frame perfect version of this strategy. It achieves a 1:46 time.