The trick is to make the expression easier to deal with. For example, for $x > 0$
$$\left| \frac{x}{x^2 + 1} - 0 \right| \leq \left| \frac{x}{x^2} \right| = \frac{1}{x} $$
Now it becomes straight forward to find an appropriate $M$ given $\epsilon > 0$.