I think the best time to study or memorize anything is 5-6 at the morning before starting a day. Usually when I have to memorize anything I wake up at these times take a shower and start studying comapred to my other experiences this time of the day is the most efficient.
Memorizing is not even a good thing and that is one of the reasons you will see some people coming out with flying colors and find it hard to blend in working environment or apply what they have learned since they simply could not understand what they did learn, but only memorized to pass and get out of the schooling environment with good grades.
Life does not end at schools. Time of the day to read however, is dependent, for someone like me, I thrive when it comes to reading more at night since everywhere is damn quiet and I find it easy to assimilate during this period, but what works for me, may not work for someone else.