No, because pickpocket has the same effect as Thief. In order for Recycle to work, the Pokemon with Recycle has to use up an item (even an item that it obtained from another Pokemon, such as through Thief or Trick). If the Pokemon has its item stolen before it can use or Fling it, Recycle will not restore the item. Remember: something has to be Used in order to be Reused :)