I believe the shrub you have is a pomegranate (punica granatum). The fruit will mature about 5 to7 months after the flowering. It takes about 3 years for a pomegranate to mature and begin making fruit.

For more pomegranate information goto http://www.crfg.org/pubs/ff/pomegranate.html

If you have eaten a pomegranate before I highly recommend it. It has anti-oxidant qualities, but more than that they taste good. My first experiences with pomegranates were as a child living in Las Vegas. Our neighbor had a pomegranate. When the branches hung out over the fence we would pick the fruit and eat it. Everything inside his yard was his and everything outside of his yard was fair game for all the neighborhood children.