four / solution 4.1

<?php

date_default_timezone_set("America/Vancouver");

$wakeHour = 11;
$wakeMinute = 20;
$sleepHour = 2;
$sleepMinute = 12;

$currentHour = date("H");
$currentMinute = date("i");

$wakeTime = $wakeHour + $wakeMinute / 60;
$sleepTime = $sleepHour + $sleepMinute / 60;
$currentTime = $currentHour + $currentMinute / 60;

$wake = false;

if ($wakeTime < $sleepTime) {
    $currentTime >= $wakeTime && $currentTime < $sleepTime && ($wake = true);
} else {
    ($currentTime >= $wakeTime || $currentTime < $sleepTime) && ($wake = true);
}

$wake ? print_r("you're awake!") : print_r("you're asleep!");