You need change settings in Application.xml of your application.
https://www.wowza.com/forums/content.php?88-How-to-configure-Apple-HLS-packetization-(cupertinostreaming)
You need change these parameters:
cupertinoChunkDurationTarget - Sets the duration of each chunk in milliseconds. If you're using Origin/Edge configuration this will need to be set on the Origin and Edges with matching values.
cupertinoMaxChunkCount - Sets the maximum number of chunks stored in the available chunk list.
cupertinoPlaylistChunkCount - Sets the number of items returned in the playlist.
My configuration get 8 - 10 seconds delay:
<LiveStreamPacketizer>
<!-- Properties defined here will override any properties defined in
conf/LiveStreamPacketizers.xml for any LiveStreamPacketizers loaded by this applications -->
<Properties>
<Property>
<Name>cupertinoChunkDurationTarget</Name>
<Value>2000</Value>
<Type>Integer</Type>
</Property>
<Property>
<Name>cupertinoMaxChunkCount</Name>
<Value>2</Value>
<Type>Integer</Type>
</Property>
<Property>
<Name>cupertinoPlaylistChunkCount</Name>
<Value>2</Value>
<Type>Integer</Type>
</Property>
<Property>
<Name>cupertinoRepeaterChunkCount</Name>
<Value>2</Value>
<Type>Integer</Type>
</Property>
</Properties>
</LiveStreamPacketizer>