I am trying to optimize a piece of code that clones an object:

#region ICloneable
public object Clone()
{
    MemoryStream buffer = new MemoryStream();
    BinaryFormatter formatter = new BinaryFormatter();

    formatter.Serialize(buffer, this);     // takes 3.2 seconds
    buffer.Position = 0;
    return formatter.Deserialize(buffer);  // takes 2.1 seconds
}
#endregion

Pretty standard stuff. The problem is that the object is pretty beefy and it takes 5.4 seconds (according ANTS Profiler - I am sure there is the profiler overhead, but still).

Is there a better and faster way to clone?