Was your youngster with him when it happened? What was his role in the contretemps?
My two youngest dogs are similar ages to yours (4 years and 14 months) and I can offer a few different options;
* When you get a new puppy you expect your older dog to take a bit of a back seat whilst you train the newbie. That's entirely natural and yours are a good distance in age which means that your older dog ought to be secure enough in your affections not to mind, confident enough to manage without a bit of training for a while and mature enough not to regress. However this isn't always the case and it might be that you've taken your eye off the ball a bit too long. Go back to some one to one training and get back to a training class if you have a good one near you. It might help your older dog to remember his training and give the two of you a chance to re bond without the pup nudging in :)
* Interacting with your pup will have given your older dog some additional confidence in doggy play and manners. However, he might have got used to a more physical way of communicating which is obviously too much for his other dog acquaintances! A training class will help to reinforce that he can be alongside other dogs without paying them too much attention. A good trainer will also be able to help you read the signals your lad is giving (to you - "help get me out of here", or to other dogs - "c'mon then let's tumble")
* Dogs that have been neutered are in danger of being 'bothered' by other dogs who can no longer read
what they are. Although this didn't adversely affect your older dog it might be having an affect on your youngster which in turn affects your older dog. Your pup is probably experiencing changes associated with adolescence too. Even though you've had him neutered (too soon I think) he's still undergoing changes which might trigger behaviours in your older dog. I'd recommend doing some reading into neutering to see what your options are. (My two are entire so I can't really help with this aspect although my 8 yr old is neutered and does get used as a play thing by the other two...)
* Have a read of
Patricia McConnell's website - she has some very good training advice and I can heartily recommend her books.
Hope this helps :)