2 of 2 made slightly shorter

golflua 52 51 chars

~@n=0,47w(S.q("'%02d:%d0'%c",n/2,n%2*3,n<47&44|0))$

Using ascii 44 = , and 0 a space saves a character.

An ungolfed Lua version would be

for h=0,47 do
   print(string.format("'%02d:%d0'%c",h/2,h%2*3, if h<47 and 44 or 0))
end

The if statement is much like the ternary operator a > b ? 44 : 0.