If $K$ is random and you only know $A$ or $B$ (but not both) then, no, there is no way to infer anything about the key - this is the (in)famous one-time-pad.
If you know $A$ and $B$, then you can recover $K$ very easily. Exclusive-or has those properties:
- $\forall n$, $~~~~ n \oplus n = 0$
- $\forall n$, $~~~~ n \oplus 0 = n$ (identity element)
- $\forall a, b$, $~~~~ a \oplus b = b \oplus a$ (commutativity)
- $\forall a, b, c$, $~~~~ a \oplus b \oplus c = (a \oplus b) \oplus c = a \oplus (b \oplus c)$ (associativity)
So we can do the following:
$B = A \oplus K ~~~ \Rightarrow ~~~ A \oplus B = A \oplus (A \oplus K) = (A \oplus A) \oplus K = 0 \oplus K = K$
So $A \oplus B = K$
Viewed differently, the exclusive-or operator is invertible:
$\begin{array}{|c|c|c|}
\hline
\oplus &0 &1 \\ \hline
0 &0 &1 \\
1 &1 &0 \\
\hline
\end{array}$
$\begin{array}{|c|c|c|}
\hline
A &B &\oplus \\ \hline
0 &0 &0 \\
0 &1 &1 \\
1 &0 &1 \\
1 &1 &0 \\
\hline
\end{array}$
And since the truth table is symmetric, the exclusive-or operation just happens to be its own inverse, i.e. $x \oplus^{-1} y = x \oplus y$. So if we take our original equation:
$A \oplus K = B$
We can represent it as follows:
$K \oplus A = B$
And we can then undo (invert) the exclusive-or by A:
$K \oplus A \oplus^{-1} A = B \oplus^{-1} A ~~~ \Rightarrow ~~~ K = B \oplus^{-1} A$
And as we found above, this is identical to:
$K = B \oplus A = A \oplus B$
As found at the beginning.
However, this is assuming A, B and K are all the same length. If K is smaller than A and B, then it means that K will be used multiple times (repeated over the length of the plaintext, presumably). This repetition can be exploited to successfully recover K from only B provided there is enough repetition and there is enough ciphertext to work with - see Vigenere cipher.