You can buy really large filters for this purpose. It's how some restaurants filter their fry oil on the cheap. We had two conical strainers and put the huge coffee-like filter between the two so it wouldn't slip down as much, also so we could skim out the large bits easier. If you have a laddle you can sorta force it through faster by agitating in a plunger like motion but be careful the oil isn't too hot because it will splash at you.
Places that do alot of frying have a machine that will filter the oil while still really hot and pump it back into the fryer.
For home use I use coffee filters, the biggest I can find, and have a plastic 4 litre storage tub for holding the oil. It takes awhile for it to pass but it keeps it cleaner than a cheese cloth I find.
The more particals you filter out the longer the oil will last before you have to toss it in your diesel truck ;-).