We investigate the origin of fast 1.5 mu m photoluminescence from Er-doped SiO2 sensitized with silicon nanocrystals, which appears and decays within the first microsecond after a short laser excitation pulse. Time-resolved and temperature-dependent measurements on the 1.5 mu m emission from Er-doped and Er-free samples reveal that the major part of this emission is Er related. A possible contribution from other photoluminescence bands, specifically of the defect-related band centered around 1.3 mu m, has also been considered. All the results obtained indicate the dominant contribution of Er3+ ions to the fast 1.5 mu m emission in the investigated materials. We propose two possible mechanisms behind the fast excitation and quenching of Er3+ 1.5 mu m emission, which are both facilitated by Er-related trap centers with ionization energy of E-A approximate to 60 meV.