Waiting wont help. The anti drain back valve (I assume you use a good filter) is doing its job!!
You want oil to be "suspended" in the engine, this prevents dry starts. The oil you see extra is up inside the oil pump and the passages leading to the engine. Trust me, its a good thing.
Just wrap a shopping bag around the filter and unscrew it. Or stab the bottom of the filter and let it drain then wrap the bag around it.