I honestly think she is sleeping a great amount at night, and pretty normal for a 16-month old! My kids always went to bed around 7:30 at that age, and slept till 6 a.m. usually. During the school year, my kids have to be up around 6 to get ready for daycare, but there were days they could (and on weekends, would) sleep till 7 a.m. The norm at that age is to sleep anywhere from 10-12 hours at night, with at least one good 2-3 hour nap during the day.
My advice from here on in would be to read her signs, as all kids are different. If she is putting her head down around 8 p.m., she is exhausted. I would read the nighttime book to her in her room no later than 7:30, then put her to bed semi-awake, or drowsy. She should get used to going to bed before she is too tired to keep her head up. And if she consistently gets up at 5 or 5:30, you can try experimenting with a later bedtime, like 8 p.m. Again, all kids differ here, and some just are "morning people" and will be up early no matter what you do to alter their bedtime! She is surely hungry and wet and ready to get up by 7 a.m., so I'd say you're doing very well for hours slept if she lasts till 6:30 in her crib.
And by the way, I totally agree about some adult time at night. Since it's summer my kids have been going to bed later (they are now 3 and 5) and some nights it's 8:30, and I feel like I have not had any time to myself because by 9 I am wiped out myself! It's very important to be consistent with kids' bedtime as much as possible, for them AND for us!