Code Sample:

array(
    'id'	=> 'time_format_field',
    'title'	=> __('time format Field','text-domain'),
    'details'	=> __('Description of time format field','text-domain'),
    'type'	=> 'time_format',
    'args'	=> array('g:i a' ,'g:i A', 'H:i'),
    'default'	=> 'H:i',
),

Preview:

WordPress Option Framework