I think that the solution is here in plain sight Retreat! is not a state "per model" but "per army". The token is there just to avoid confusion on who is affected and who is not. And an Unconscious model is still part of the Army List, so if revived is in retreat
If it was that simple it wouldn't be a problem. Army is in Retreat and the Retreat Tokens are just reminders without any function what so ever. Done deal. However, the effects of the state don't really agree with that interpretation. The rules say that only Troopers with Tokens have limitations, that's not tied to the state itself. Adding to the problem is that Retreat Tokens are very clearly spelled out when they are placed, which is to say you place them at the start of your turn when you declare you are in Retreat. So really, there is genuine confusion to be had here and having to deal with a bunch of Tokens aren't helpful unless there were ways to avoid having Troopers who aren't immune to Retreat somehow avoid being affected by the state. Incidentally there is! And as it turns out the Retreat State is actually something that each Trooper enters and not only army-wide. As for the second sentence, well, you can enter Retreat several times per (non-ITS) game so let's not take that line as proof of too much more than what it actually says. It really is questions like these that makes this part of the forums my favourite. I read the thread thinking it's an easy answer, read the rules and find myself having to alter what I thought was going to be the answer.
When THE ARMY is in retreat, every model is in Retreat state if he can't ignore it. Anyway, whatever.
It seems the most correct thing. In general, the least complicated answer tends to have the highest probability of being correct.
I love the thought of a guy being knocked unconscious and then being revived shortly after, in a state of daze, not knowing whether his companion troopers are running away or not.