LuaJIT

[LogicParrot]

Interestingly, this variation also took ~60 seconds even though it doesn't use tables inside the loop.

local MyClass = {}
 
function MyClass:new()
    local Obj = {}
    setmetatable(Obj, self)
    self.__index = self
     
    Obj.TestVar = math.random(50)
     
    return Obj
end
 
function Test(val)
    return val + 50
end
 
local startTime = os.clock()
local Constr = MyClass:new()
local test = Test
R = Constr.TestVar
for I = 1, 1000000000 do
    R = test(R )
end
Constr.TestVar = R
print(os.clock() - startTime);