#[golflua](http://mniip.com/misc/conv/golflua/) <s>52</s> 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`.