Has the older dog got a routine - times of the day when he just wants to lay around and times when he's up for a play?
When Lilly was a tiny pup (well even now sometimes) her hyper moments didn't always match up with Zippers and she would bark and jump at him. He would sit there and howl
I had to take Lilly into another room and train and play with her, and once she was old enough take her for a 10min walk.
Sounds like when the older dog starts stuff it's Ok but he hasn't got the patience when the pup initiates play. I would continue taking the pup away when he is hyper for now and praising your older dog when he is quiet.
Hopefully as the pup calms down a bit they will begin to get on better.
Don't know what else to suggest - sorry