When "Trust of childlike Faith" peels off after the short duration (diameter), will the target be aware of the lies during the effect? I.e. the maga should get away soon, so that she does not have to suffer the consequences or will the target just not believe any new lies?
The spell removes the target's "common sense" for the duration of the spell. This means that if the target has reason to reassess judgements made during the duration of the spell, he will do so with "normal" mental faculties.
This is not always the case though; if the target gets fooled during some common routine (a guard checking travellers, an innkeeper giving back some change etc.) he probably won't think about it again. Even if he does, he may be embarassed about his own foolishness (or disbelieve it, thinking he is remembering stuff wrong) and simply let it slip.