Without exaggeration, the baudrate is a minimum of 115200.
Put it into flashmode manually, i.e. connect gpio0 to gnd and also put gnd on reset for a while. Then the esp8266 must enter flash mode. Supposedly these programmers should do it themselves via dtr and rts pin, but many times I didn't want autoreset to work either.
What is the best way to do this?
Solder a piece of wire to the GND of the programmer. At the other end, preferably fit a piece of stiff wire such as a male dupont end, or a needle etc. On the esp-01, gpio0 and reset are in one column.
You attach the tip to the gpio0 and without detaching from it, you move it towards RST by touching it for a moment and then move it back while still in contact with the gpio0. After a while you can also disconnect the gnd from gpio0 being careful not to touch the reset again.
So, in short: touch GND to gpio0 and, "sliding" the "bare" wire over gpio0, touch RST for a moment. Then we undo the pin and move the whole wire away from the board.
After this operation, the esp-01 is in flash mode and you can read the flash.