 Solution

Initially $r_i=l/2$, ${\dot{r}}_i=0$ and ${\dot{\theta }}_i=v_0/r_i$, so the conserved angular momentum is $J=ml{v}_0/2$. For $v_0\ne 0$, the effective potential contains the centrifugal barrierThe finite conserved energy therefore forbids the hole from being reached:The exceptional case $v_0=0$ has no centrifugal barrier. Then $J=0$ and $\ddot{r}=-Mg/(M+m)$; starting at rest at $l/2$, the tabletop mass reaches the hole after $t=\sqrt{(M+m)l/(Mg)}$. The model ends at that event. Thus the usual nonzero initial tangential speed assumption matters.