$LK,"Channel 0",A="MN:PIT_0"$ can generate an interrupt, IRQ 0, at a defined frequency. We set it up in $LK,"TimerInit",A="MN:TimerInit"$(), and use it in $LK,"SysTimerRead",A="MN:SysTimerRead"$().
Channel 1 was used historically to refresh the DRAM, but now it is obsolete as the hardware does this itself. Channel 1 is useless and might not even be implemented anymore on modern machines.