As much as you feel like. Just make sure to take a bit of time to make sure that you understand what you are reading. i.e. why the lines in the notes are important in their relation to the lines that were actually played.
At first that will take you quite a bit of time. When my rating was 1400-1500 (USCF) then it might take me longer to understand the notes than it did the game. By the time I was 1800 I started to understand much more quickly.
So now if I study for two hours in a day the only difference is I get through a bit more.
Therefore my answer is to just go through as much as you feel like until you get tired/bored.
Let's assume I'm reading a densely annotated chess book (such as one from Kasparov's My Great Predecessors series). How many pages should I read per day in order to benefit from the book? At the very least, I imagine this depends on a player's skill level.