Do you mean at an evolutionary time scale or within their life times?
I think both would occur, as long as the particular predator has a sophisticated enough brain to learn this.
On an evolutionary timescale, there would probably be an arms race of sorts leading to an equilibrium of predator/prey phenotypes.
Depends. If there isn't a strong enough selection pressure (there is plenty of wild prey, they only rarely attack cattle) then they wouldn't learn to ignore the eyespots for many generations.