To make things easier to read I am going to use "prime" notation for derivatives, i.e. instead of writing
d2θ/dθ2
I'll write
θ''
Now without the initial condition, and by moving the second term across the equals sign, our ordinary differential equation is
θ'' = -β2θ
Think about functions whose second derivative is a negative multiple of the function itself. If you consider a few elementary functions eventually you stumble upon
θ = sin(t) or θ = cos(t)
at least in the case where β = 1. Considering it for a while more, we can get that factor of β2 there by letting
θ = sin(βt) or θ = cos(βt)
In fact any linear combination of these will do, so we could have
θ = a*sin(βt) + b*cos(βt)
Plugging in t=0 and using our first initial value, we get that b = θ0. If we differentiate the above equation and plug in our second initial value, we get a = ω0/β. Putting this together, we have
θ0 = (ω0/β)*sin(βt) + (θ0)*cos(βt)
You can go further if you want, using one of the angle sum or difference formulas, to write this as a single sine or cosine wave, but right now this is probably enough.
Of course, we were asked to interpret this physically. We are seeing acceleration there in the differential equation when we see θ''. Acceleration also makes an appearance in Newton's second law: Force = mass times acceleration. F = ma. We could write this as a = F/m, in which case when we see θ'' in the differential equation we could replace it with F/m. On the other side we just have displacement times a negative constant. So this is
F/m = -β2θ
Renaming constants this is
F = -cθ
That is, force is proportional to displacement and in the opposite direction of displacement. This is how a spring mass system is modeled when damping forces are ignored. Which is a cosine wave, with the amplitude and the phase angle determined by the initial conditions. Getting more precise with this will get us the same answer we got in the first part.