The other answers are great. I decided to plot it, however, because it's nice visualizing these things. Since your biggest doubt is about kinetic energy, be sure to pay attention to the last graph.
SYSTEM. Motorcycle going to the left, truck going to the right, bound by an elastic rope ten meters long ($k=100\frac{\mathrm N}{\mathrm m}$). Masses and speeds are as per OP. Note: the rope is not a spring. A spring pushes when compressed. The rope simply gets loose (i.e. it has a deadband).
Position

Points of note:
- 0.0 s: bike and truck start together.
- 1.7 s: rope stretches, beginning to pull vehicles together.
- 7.9 s: rope lets go of vehicles, sending bike the other way.
- 9.5 s: bike passes truck
- 11 s: rope stretches again, starting to send bike the initial direction.
This will repeat forever, as there's no energy dissipation in this model.
The rope's actions are more clearly visible in the speed plot.
Speed

As the truck is much more massive than the bike, it barely feels the rope's actions. The bike, however, is being tossed all over.
Momentum

As everyone said, total momentum is always conserved.
Energy

Some things are really interesting here, and they show how tricky it is to rely on energy instead of momentum for accounting of such situations.
- The bike's KE varies much more than the truck's. This is the core of this question: while the variation of momentum of one is always the same as the other's, the same can't be said about energy. Energy is always being transferred to other places, for instance:
- Energy is shared between vehicles and rope. But its sum is always the same, as long as you don't forget the rope.
- One could wrongly say "the total energy is constant only because the scenario is perfectly elastic." No, the total energy would be constant even if it was an inelastic direct collision. In that case, the purple graph would be potential energy of the vehicles' deformations, perhaps later becoming heat lost to surroundings, but either way: total energy would still conserve, only not as KE.
- If this was an elastic direct collision instead of a rope scenario, the graph would still be the same, stopping at 9s. In that case, the purple graph would be potential energy of the vehicles' deformations, which would be zero at the end. Thus, not only total energy would remain constant, but total KE would too (which is what the special case elastic collision is all about).
Note: in an inelastic direct collision scenario, the graph would stop at ~4.75s, where vehicle speeds are equal (it's a bit after the bike's zero energy point; it would have ~100J of KE).
Development
Being $x_1$ the bike's position, $x_2$ the truck's and $L$ the rope's length, Hooke's Law gives: $$|F|=k\left(\left|x_2-x_1\right|-L\right)$$
Note the deadband has appeared already. Signs must be handled with care.
Being $m_t$ the mass of the truck and $m_m$ the motorcycle's, we have:
$$\ddot x_1 = \frac{k}{m_m}\left(x_2-x_1\right)$$
$$\ddot x_2 = \frac{k}{m_t}\left(x_1-x_2\right)$$
Since I don't remember if I ever knew how to solve a system of ODE's analitically, I fired up Xcos (Scilab's former Scicos) and modeled it there. In case anyone's curious, here's how the diagram ended up. I can send the .zcos file if anyone wants it.