I currently use a program called Johns Background Switcher that you could configure to do this. It doesn't come with a time lapse feature per-say but you can easily setup a folder full of images and then set it to change pictures how ever often you want (anywhere from every 10 seconds to every 7 days). I thought it had an option to not shuffle the pictures, because it has a lot more options than the standard Windows 7 slideshow (if that's what version you're on), but I just looked and it doesn't. This wouldn't be hard to integrate into the app though and I'm sure if sent the developer a request for it he would add it.
The other option I might look into would be a program called Stardock Descapes. Descapes won't change a picture based on the time of day but it can add some really cool motion to your desktop and there are a ton of 'dreams' in their archives that you can download. You should easily be able to find a few in there you like, or even create your own. Their is a 'free trial' button on their websit but for some reason it takes you to a page which asks you to buy it, so I don't know that the issue is there. It's worth the $10 lifetime license though. I'm planning to get one eventually. Hope this helps and you can make one of these options work for you!