
Your pup is not being a bully, he is being a pup that likes to play rough, but unfortunately when they are with an adult dog that is very tolerant they don't learn the rules. Don't stop them playing altogether, just step in when the older dog has had enough or you think the pup is being too rough.
I have a Mastiff pup (who's 9 months old now) and an old male lab cross, my old dog is very tolerant and will not tell the pup off enough so I just step in when I think the pup is being too rough and distract him with a toy. The pup is finally getting the message, if he is trying to play rough with the old dog a 'no bite' or 'get toy' will mostly help. Another thing that helps is to encourage the dogs to play with a toy together, that way the pup can play with the adult, but by biting on a toy instead of the other dog.
I've personally found that 'time out's' are of no use in this situation, the pup is wanting to play so it's best to encourage him to play with something other than your older dog when he wants to rough-house, this is playfull energy that needs redirecting rather than stopping completely. It wont happen over night but eventually your pup will learn that rough playtime is for toys and not for swinging off your other dogs face. My pup was just like this too, he still needs reminding occasionally, but that's more to do with the size difference now as our old dog is a lot smaller than the pup, so even 'gentle' play can be too much for the old dog.
I have also found that as my old dog has learnt that i will back him up/save him from the pup he is a lot more forth-coming with his own reprimands, it's almost as if he was worried about being told off to start with, but as he sees me stopping the pup being rough it seems like it's given him the all-clear to do the same.