ntpd struggling to keep up - how to fix?

[Torfinn Ingolfsen]

Hi,

One of my machines, the fileserver-with-zfs-to-be[1] has trouble
keeping correct time. Or rather, ntpd is struggling.
In /var/lkog/messages I see this:
Feb  7 12:05:54 kg-f2 ntpd[909]: ntpd 4.2.4p5-a (1)
Feb  7 12:11:16 kg-f2 ntpd[910]: time reset +1.020413 s
Feb  7 12:11:16 kg-f2 ntpd[910]: kernel time sync status change 2001
Feb  7 12:26:26 kg-f2 ntpd[910]: time reset +2.277793 s
Feb  7 12:41:29 kg-f2 ntpd[910]: time reset +2.260229 s
Feb  7 12:57:02 kg-f2 ntpd[910]: time reset +2.332972 s
Feb  7 13:21:24 kg-f2 ntpd[910]: time reset +3.659869 s
Feb  7 13:37:01 kg-f2 ntpd[910]: time reset +2.343230 s
Feb  7 13:52:24 kg-f2 ntpd[910]: time reset +2.310659 s
Feb  7 14:07:29 kg-f2 ntpd[910]: time reset +2.265705 s
Feb  7 14:23:03 kg-f2 ntpd[910]: time reset +2.335868 s
Feb  7 14:39:06 kg-f2 ntpd[910]: time reset +2.411116 s
Feb  7 14:54:32 kg-f2 ntpd[910]: time reset +2.318222 s
Feb  7 15:09:55 kg-f2 ntpd[910]: time reset +2.308120 s
Feb  7 15:25:49 kg-f2 ntpd[910]: time reset +2.388391 s
Feb  7 15:40:54 kg-f2 ntpd[910]: time reset +2.265464 s
Feb  7 15:55:57 kg-f2 ntpd[910]: time reset +2.257952 s
Feb  7 16:11:45 kg-f2 ntpd[910]: time reset +2.373325 s

and this goes on an on, forever. At any give time, no matter how long the machine has been up, ntpq ca report this:
root at kg-f2# ntpq -p
     remote           refid      st t when poll reach   delay   offset  jitter
==============================================================================
 kg-omni1.kg4.no 129.240.64.3     3 u   13   64   37    0.162  703.094 444.681

Note: all machines on my LAN use my firewall as the ntp server. 
The ntp server runs FreeBSD, none of the other machines have any trouble keeping time.
My workstation for example:
tingo at kg-v2$ ntpq -p
     remote           refid      st t when poll reach   delay   offset  jitter
==============================================================================
*kg-omni1.kg4.no 129.240.64.3     3 u   44   64  377    0.138    4.018   0.338
(my workstatuion also runs FreeBSD 8.0-stable / amd64)

The machine runs FreeBSD 8.0-stable / amd64:
root at kg-f2# uname -a
FreeBSD kg-f2.kg4.no 8.0-STABLE FreeBSD 8.0-STABLE #2: Sun Jan 31 18:39:17 CET 2010     root at kg-f2.kg4.no:/usr/obj/usr/src/sys/GENERIC  amd64

So, how can I get the machine to keep time / get ntpd synchronised?

References:
1) hw info: http://sites.google.com/site/tingox/ga-ma74gm-s2h
2) FreeBSD info: http://sites.google.com/site/tingox/ga-ma74gm-s2h_freebsd
-- 
Regards,
Torfinn Ingolfsen