This will run indefinitely, and it is the basis of just about every water fountain produced commercially. In a given time, the pump will move a certain volume of water from IN to OUT. That lowers the height of the column at IN, and increases the headspace over that column. Both of those reduce the pressure that column of water provides at the interface between the two columns. The displacement of the water also increases the height of the column of water at OUT. That increases the pressure that that column provides at the interface between the two columns. Both of those effects lead to the column at OUT pushing water into the column at IN. Equilibrium is reestablished when exactly the volume of water the pump moved has been moved back into the IN column. That process happens for as long as the pump is running.