Worth noting that B ends about 60s after you release the mirror, not 60s after you first press the shutter release cable on the lens. So if you release the mirror (from the body) then wait 40s for your subject to do something, you've only got about 20s remaining in which to make an exposure.
B is electrically operated, T uses a mechanical latch to hold the shutter open until you slide the T selector back to N. If there are point-lights in your scene, sliding the selector back will bump the camera and your point-lights will have horrible little trails on them, therefore you should always put the lens cap back on before ending a T exposure.