These are really math problems (algebra and basic calculus) rather than biology problems.
Oinf comes from solving algebraically the first equation you posted for steady state: i.e., when dO/dt = 0; just solve for O.
The time constant comes because this is a first-order exponential decay, which you get when you solve an equation (calculate an integral) of the form dO/dT = -lambda * O. The solution to that equation is an exponential decay of the form O(t) = O(0) * exp(-lambda*t)
tau is defined as 1/lambda and gives you the decay rate(relaxation time constant).