Completely normal for a puppy. You could say he's got a "puppy card" and your older dog will put up with him. However once that puppy card expires, your dog will correct the puppy whenever it gets out of line.
You actually want to allow your dogs to interact without your intervention. They need to form a bond, and this is how your puppy learns how to behave around another dog, and how your older dog learns to establish itself with the puppy. As long as there's no serious fighting just let them go with supervision.
In the meantime, though, it is a good idea to enroll yourself and your puppy in obedience training. It's a good idea for any dog and is a good basis in establishing your own relationship with him/her.
This puppy is playful. This is because it does not show any characteristics of hostility but needs to know everything. However, it is also important to caution him when you see he is getting out of hand.