Ok, So +1 magic weapons give you a plus 1 roll on damage and attack rolls.
But Magic are Listed as better versions of masterwork weapons.
does this mean you actually get a +2 on the attack roll from the magic weapon and the masterwork part of it?
Technically you do get both, but the bonuses don't stack.
The thing with Masterwork is that it grants a +1 Enhancement bonus to attack rolls.
+1 Weapons grant a +1 Enhancement bonus to attack rolls and damage rolls. Unless specifically stated (which it isn't for this case), bonuses of the same type to the same subject do not stack.
The difference between the +1 magic weapon and the +1 attack bonus on the masterwork weapon is the magic weapon is magic.
Which is not being snarky, it means that the +1 magic weapon will bypass DR/magic and will be much, much harder to break or damage.
From a pure number-crunching perspective though, the difference is the magic weapon gives you a +1 to damage and the masterwork weapon does not.
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Ok, So +1 magic weapons give you a plus 1 roll on damage and attack rolls.
But Magic are Listed as better versions of masterwork weapons.
does this mean you actually get a +2 on the attack roll from the magic weapon and the masterwork part of it?
To answer your specific question with actual RAW, here's what the PRD says:
Masterwork Weapons
A masterwork weapon is a finely crafted version of a normal weapon. Wielding it provides a +1 enhancement bonus on attack rolls...All magic weapons are automatically considered to be of masterwork quality. The enhancement bonus granted by the masterwork quality doesn't stack with the enhancement bonus provided by the weapon's magic.
So the answer is no; you only get +1 on the attack roll because the two enhancement bonuses don't stack (as someone else previously said, but without providing the rule cite.)