Don't let them sort it out - think of the problem solving skills of an infant and toddler paired together - really not a good combo, and you'd have very low expectations that they would come to some sort of reasonable solution (infant - I will pull your hair when I'm hungry - toddler - I will stick my bear on your face until you stop moving - that kind of thing).
You need to protect the blind Chow - that dog is not equipped as much as a younger, sighted dog in terms of dealing with a puppy so you will have to step in and -
1. Redirect the puppy back to you BEFORE she starts touching him - as she heads toward him is the time to bring her back
2. If the puppy won't redirect, leash her to you
3. If you are having trouble with that, continuing the separation
4. Offer structured time together - leash walks in the yard
5. Give that puppy something else to do to tire her mentally and physically - you take the role of the older dog
6. Reward and reinforce greatly when she is being good around that dog so she knows what you want her to do - use a word - gentle, nice, soft, something so she can also start getting that concept
The message consistently that needs to get into the head of this puppy is that you do not mess with MY dog. You are cute, but you are not invincible in your cuteness. I owe it to my old dog to do that. Keep this mantra in your head - but teach it nicely:
Dr. Sophia Yin's website has a ton of good stuff on having a great puppy - her puppy book or DVD would be worth getting. http://drsophiayin.com/
Thanks for looking out for the older dog and posting! Chows can have some good longevity so she will need to learn to coexist for sure.