Let $[x,y]$ represent a rectangle with sides of length $x$ and $y$.
Let $[x:y]$ represent the equivalence class of rectangles $[x,y]$
with the same "shape" (i.e. ratio $x/y$). Define the transposition map
$T([x,y]):=[y,x]$ which is an involution. Define the family of maps
$L_a([x,y]):=[x+a\,y,y]$ which represents attaching a rectangle of shape
$[a:1]$ to the given rectangle $[x,y]$ preserving the side $y$ if $a>0$.
If $a<0$ then it represents cutting off instead of attaching.
These $L_a$ family maps satisfy
$$ L_a(L_b([x,y]) =L_{a+b}([x,y]),\quad L_a(L_{-a}([x,y])) = [x,y]. $$
Another family of maps $R_a([x,y]):=[x,y+a\,x]$ represents attaching
a rectangle of shape $[1:a]$ to the given rectangle $[x,y]$ preserving
the side $x$. These maps satisfy the same properties as those for the
other family of maps because the transposition map $T$ conjugates the
two families of maps.
Define special cases $L = L_1$ and $R = R_1$ whose inverse maps are
$L^{-1} = L_{-1}$ and $R^{-1} = R_{-1}$.
The comment in the OEIS sequence A059966
entry states
The number of cycles of length n of rectangle shapes in the process of repeatedly cutting a square off the end of the rectangle. For example, the one cycle of length 1 is the golden rectangle.
The process of cutting off squares is inverse to the process of attaching
squares which means the cycles of cutting off squares are exactly mirrored
by the cycles of attaching squares.
The OEIS sequence enumerates irreducible cyclic compositions of the maps
$L,T$ where $n$ is the number of $L$s and there is at least one $T$ no
two of which are consecutive (up to cyclic equivalence).
For $n=1$ there is only the cycle $TL = LT$.
For $n=2$ there is only one cycle $TLL = LLT = LTL$ but $TLTL$ is excluded since it is the square of $TL$.
For $n=3$ there is $TLLL$ and $TLLTL$ but $TLTLTL$ is excluded since it is
the cube of $TL$.
The question asks
What pair of rectangle (shapes) have period two?
This rectangle shape must satisfy $[x:y] = L(L(T([x:y]))) = [2x+y:x].$
There is only one positive real solution to $t := x/y = 2+1/t$ which is
$\sqrt{2}+1$. Transposing gives $\sqrt{2}-1$. Adding a unit square
results in $\sqrt{2}.$ Adding another unit square results in $\sqrt{2}+1$
which is the original shape.