When the client approves your work, it should take 5 days for the funds to be released from Escrow, to your odesk account.
For some reason I always remember it to be 4 days, but I just checked with a payment I received today, and it is showing the funds to be available in 5 days times.
Then the funds will be available for you to withdraw from your odesk account. You can then choose to withdraw manually or set a regular date. It usually only take one day to withdraw to your preferred method such as Skrill or PayPal.