"Relativo" in this sentence means that time is felt differently depending on what you are doing for example...time goes at the same speed always, but is "relativo" because it seems to go fast when you are doing something you like, and slow when you hate what you are doing.
On the other hand, "reconciliarse" means something like "make up", "make peace"...sometimes we don't forgive our own mistakes, or can't stand what has happened to us in the past and try to deny it, and that hampers us to move forward...when we "nos reconciliamos" with out past, just accept it with our its consequences, forgive it and go ahead...