Vision-based cooperative motion estimation is an important problem for many multi-robot systems such as cooperative aerial target pursuit. This problem can be formulated as bearing-only cooperative motion estimation, where the visual measurement is modeled as a bearing vector pointing from the camera to the target. The conventional approaches for bearing-only cooperative estimation are mainly based on the framework distributed Kalman filtering (DKF). In this paper, we propose a new optimal bearing-only cooperative estimation algorithm, named spatial-temporal triangulation, based on the method of distributed recursive least squares, which provides a more flexible framework for designing distributed estimators than DKF. The design of the algorithm fully incorporates all the available information and the specific triangulation geometric constraint. As a result, the algorithm has superior estimation performance than the state-of-the-art DKF algorithms in terms of both accuracy and convergence speed as verified by numerical simulation. We rigorously prove the exponential convergence of the proposed algorithm. Moreover, to verify the effectiveness of the proposed algorithm under practical challenging conditions, we develop a vision-based cooperative aerial target pursuit system, which is the first of such fully autonomous systems so far to the best of our knowledge.