So I was watching one of Walter Lewin's lectures and he writes down that...
$L(1-\cos \theta)=L\frac{\theta ^2}{2}$
This was evaluated by using the first 2 terms in the taylor series for cosθ which makes sense however he then writes down
$L(1-\cos \theta)=\frac{x^2}{2L}$ (???How did he come to this conclusion???)
Here is a sketch I drew to help visualize the situation. It involves the motion of a pendulum, but since the specific problem has to do with the taylor approximation here seems like a suiting place for the problem. Thanks!

Note that $\sin\theta=x/L$. And when $\theta$ is small, we have $\sin\theta\approx\theta$. Hence $\theta\approx x/L$.
Substituting this into your first equation gives the second.