Actually I've answered this question before and I cannot comment because I'm new user hers
but Here's the answer
Let's assume they travel with constant velocity $v$, and Radius of circle be $r$
After time $t$ Arc length will be $vt$
$$l=vt=r\theta$$
and angle subtending that arc will be
$$\theta=\frac{vt}{r}$$ now shortest distance between them will be $$x=2r\sin\theta$$
Now we have our relation
$$x=2r\sin\left(\frac{vt}{r}\right)$$
Now rate of change of shortest distance between them is
$$\frac{dx}{dt}=2r\frac{v}{r}\cos\left(\frac{vt}{r}\right)=2v\cos\left(\frac{vt}{r}\right)$$
Now plug in values
Here's a rough diagram if it helps

Note:
In figure after time $t$ their respective positions are shown by $A$ and $A'$
$$x=AA'$$
$$r=BA=BA'$$
$$\angle ABO=\angle A'BO=\theta$$