I think for something like that with that size of a db, the fastest would be to backup the actual db files on the filesystem, like in /var/lib/mysql or wherever they are for you. Just make a copy into a different dir or something. Then do your tests. When you need a fresh copy, just copy the files that you backed up over the existing ones. For an innodb db, the files would be something like ibdata1, ib_logfile0, and ib_logfile1.
Anyway, that would be significantly faster than importing them via mysqldump or something since you're dealing with regular files on the filesystem instead of actually going through *sql. It would probably take just a few seconds.
Anyway, do some research on that and make absolutely sure you back stuff up before attempting. Take note of the owner/group and permissions the original files have. You could easily script this.