Reconstructing insulin secretion rate (ISR) after a glucose stimulus by deconvolution is difficult because of its biphasic pattern, i.e., a rapid secretion peak is followed by a slower release. Here, we refine a recently proposed stochastic deconvolution method by modeling ISR as the multiple integration of a white noise process with time-varying statistics. The unknown parameters are estimated from the data by employing a maximum likelihood criterion. A fast computational scheme implementing the method is presented. Monte Carlo simulation results are developed which numerically show a more reliable ISR profile reconstructed by the new method.