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Check this product out.
It's a little button you put by your sink that makes a pump run water through a temp sensor until it hits a specific temperature (I believe its 90 degrees). The water that isn't hot enough is pumped BACK into the water heater so none is wasted. Then, after a few seconds of the pump running, you turn on your faucet and BAM, hot water.
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We installed something similar, and love it, love it, love it! Ours doesn't have a button, you set it up for the times of day you know you'll want hot water quickly, and a thermostat in the unit cycles it when needed.