We can determine what the traveling observer measures on the clock of the stationary observer from the stationary frame itself, but that requires more than just time dilation, it includes length contraction and the simultaneity difference involved, the latter being the key point here. Let's say the traveling observer passes the stationary observer when both observers' clocks read T = 0. According to the stationary observer, the traveling observer continues on until 1 second passes upon the stationary observer's clock. If the time dilation of the traveling observer is .5, then the stationary observer now views .5 second on the traveling observer's clock.
Okay, so according to the stationary observer, the traveling observer has now traveled a distance of x = v t = sqrt(3) / 2 light-seconds, so let's say the traveling observer is in a ship that is sqrt(3) / 2 light-seconds long as measured from the stationary frame. Then according to the stationary observer, when the traveling observer's clock at the front of the ship reads sqrt(1 - (v/c)^2) t = .5 second, a clock at the back of the ship directly coincides with the stationary observer and will read sqrt(1 - (v/c)^2) t + d v / c^2, where the stationary observer views the clock at the back of the traveller's ship to read a simultaneity difference of d v / c^2 greater than the clock at the front and d is the ship's length according to the traveling observer. The reason for this simultaneity difference is so that the traveling observer will measure the same speed of light in either direction along the length of the ship, and in all directions, which is another topic in itself, but the traveling observer says that his clocks read the same since he can't tell the difference as there is no absolute way to synchronize clocks at a distance, and the M-M experiment tells us that the two way time for light away and back over the same distance within an arbitrary inertial frame to a single clock is the same in every direction, so we can synchronize the clocks in each inertial frame to measure an isotropic speed of light by setting the clocks at the other end of the distance the light is reflected to and from accordingly.
So getting back on topic, the clock at the back of the ship reads sqrt(1 - (v/c)^2) t + d v / c^2. The stationary observer measures the length of the ship to be v t, the same as the distance travelled, so accounting for length contraction, the traveling observer measures the length of his own ship to be d = v t / sqrt(1 - (v/c)^2). When the stationary observer's clock reads 1 second, the stationary observer views the traveling observer's clock to read .5 second. If clocks are placed everywhere within the stationary frame, then a clock that directly coincides with the traveling observer will read 1 second while the traveling observer's clock reads .5 second, so a direct comparison between the two clocks reveals the traveling observer's clock to be ticking at half the rate according to the stationary observer's clocks. As for what the traveling observer measures for the time dilation of the stationary observer's clock, the stationary observer's clock reads 1 second while the clock at the back of the ship which directly coincides with the stationary observer will read
t' = sqrt(1 - (v/c)^2) t + d v / c^2
= sqrt(1 - (v/c)^2) t + [v t / sqrt(1 - (v/c)^2)] v / c^2
= .5 t + (v/c)^2 t / .5
= .5 t + (3 / 4) t / .5
= 2 t
So the clock at the back of the ship that coincides with the stationary observer's clock reads 2 seconds while the stationary observer's clock reads 1 second, and the traveling observer says that half the time has passed for the stationary observer's clock than for the clocks in his own frame, so with a time dilation of .5 as well. We only make a direct comparison of what clocks in the same place will measure, a time dilation of .5 in this case, so we don't keep switching that time dilation back and forth since we compare the clocks directly once. Now, one might wonder, if the stationary frame's clock that coincides directly with the traveling observer's clock reads twice as great as that of the traveling observer's clock, wouldn't the traveling observer say that with the direct comparison, the stationary observer's clocks are ticking faster? The answer is no. The traveling observer can only compare the clocks within its own frame to the single clock of the stationary observer that it timed after passing at T=0, and says that 1 second has passed upon that clock as compared to 2 seconds within his own frame, while the clock that the traveling observer now coincides with was never initially timed, so the rates of time cannot be directly compared until after passing and comparing the elapsed times, in which case the same time dilation of .5 will be measured for that clock as well. In the same way that the stationary observer views a simultaneity difference of a greater time per distance along the length of the traveller's ship, the traveller will view a greater time along the stationary frame's line of travel as well, so says that is why the clock that now directly coincides with the traveling observer reads a greater time, but that is not an elapsed time which is necessary to find the time dilation.