The dynamic properties of a model transient network have been studied by dynamic light scattering. The network is formed by microemulsion droplets linked by telechelic. polymers (modified hydrophilic polymers with two grafted hydrophobic stickers). We compare the properties of two networks that are similar but for the residence time of the hydrophobic stickers in the droplets. The results are interpreted according to the so-called two-fluids model, which was initially developed for semidilute polymer solutions and which we extend here to any Maxwellian viscoelastic medium characterized by its elastic modulus and terminal time as measured by rheology. This model is found to describe consistently and quantitatively the experimental observations.