The concept and preliminary experimental results of photon counting based two-way optical time transfer are presented. It is based on free-space optical link delimited by a pair of SPAD-based single photon detectors and small reflectors injecting optical signals into the link alternately on two injection points. Several picosecond laser versions may be employed as signal source -laser diode 43 ps at 778 nm, fiber based laser 80 ps at 531 nm or both. Expected repetition rate of experiment is 5 kHz. The NPET timing devices are used to register detection events and custom software and algorithm are used to process measured data. The long term delay stability sub --picosecond range and small temperature drifts of all elements of measuring chain are crucial to obtain useful data for final time scale comparison in picosecond range. The experimental results from measurement of long term stability of detector delays, delay independence on position in detector active area, and new achievements in quenching techniques will be presented.