I don't think I've answered your question adequately. The two bodies each have a gravitational field, each is attracted to the other. In order for them to NOT collide and become a single body, there has to be angular momentum so that an orbit will be established. Of course the speed of the orbits of both depend on both of their gravities and on their momenta.
Consider a very different yet relevant question. Perhaps you've seen the toy which is composed of 5 steel balls (usually) hanging from a cradle on two strings each. When you lift one ball up on one end, and let it drop, it falls and hits the second ball which hits the third which hits the fourth which hits the 5th which then rises up in an arc coming to nearly the same height as you lifted the first ball, and then drops back and hits the 4th ball and the process is repeated in reverse, back and forth.
If you've never seen it, you should google a video. The amazing thing is how/why does this toy know to give all of the energy to the 5th ball? Why not give half the energy to the 4th and half to the 5th and have two balls rising into the air at the other end? There's plenty of on-line explanations you can find for this.
My explanation is that the system has to conserve not only the energy ½mv² but also the momentum mv that the first ball had right before impact with the 2nd. For 2 balls to move on the other end, you need their initial velocity to match the final velocity of the first ball ½mV² or solving for v, ½mV²= ½(2m)v² = mv². A little algebra gives us the speed (assuming both have the same speed) of v = √(V/2). OK?
Now we also know that momentum is conserved (it is a Law of Physics!) so mV = 2mv, so v = ½V. So what value must V have in order for v to be both ½ of it and √½ of it? There's only one solution. V=0. Which isn't really a solution, since it's telling us that the 1st ball must hit the 2nd at V=0. In other words, the only feasible solution is that the mass rising up from the other end is equal to the mass delivering the first impact.
One ball comes in, one ball leaves.In the case of a 2 body orbit, they will start with some velocity along the axis between them, and also have off-axis components. If the only velocity they have is on that axis, then they will either hit (and you've now got a different problem) or they will escape each other's gravity (and no orbit will happen). Because of the conservation laws (energy, angular momentum, linear momentum) they will eventually form a system of two circular orbits around their CM. (Ultimately, such a system isn't stable, and will eventually decay, but these second order effects are ignored here).
Since the system's angular momentum is conserved, it turns out that there must be a point about which the two objects rotate (the CM). The 2-body problem can be viewed as if gravitational attraction were a rod connecting the two objects. If you can imagine this "bar bell" (or baton) to be spinning, even if the two "bells" are of different sizes, can you perhaps intuit that the point (their axis of rotation) they are spinning around lies somewhere on the rod between them? (By spinning, I mean end-over-end.). So they orbit around a point, the point is on the line connecting them, and it must be "stationary". I still don't think I've fully addressed your question. I will shut up now, and defer to others.