Should I be correcting this?

 I guess I should post a picture!!!!

Uhhh Yes...I was wondering where the picture was.   She is soooo very cute!  Cant answer your question really will have to leave that up to the behavior experts.

  She is adorable!!! I don't know the answer either but couldn't resist commenting on how cute Ribbon is.

She's so pretty! I call that "being the fun police", and I do stop it, because it's no fun for the dog being pinned. Jewel has such a strong "fun police" instinct that she now crates herself, when the other dogs are getting too wild for her liking.

I should probably add that I live with 3 bitches who were introduced as adults, so I generally stop any behavior that might cause a scuffle. Bossy Jewel has been hurt a couple of times, because she won't keep her mouth to herself

 Play behavior is complex and of course most of it mimics prey chase, shake, dismember behavior.   Rex will do something similar when he and Gabby are playing but it's while they're doing the back and forth chase games.  It never lasts more than a few seconds before they resume the chase game.  If by chance Rex causes Gabby to yelp because he got too rough, he immediately backs off and gives her a play bow and play resumes.

Twister often rushes in and barks at the other dogs when they are racing around excitedly.  If I see he's getting over stimulated by the other dogs play, I interrupt him and call him to me.  You might practice that so you have a way to switch Buddy's mindset before he takes off after Ribbon, if you're concerned that it's behavior that could escalate into something beyond play.  Since you say they often chase each other after Buddy does this, I wouldn't be too concerned.  It's really hard to know without seeing it in person and knowing the dogs individual play style.

There is also predatory drift to consider and you might want to read up on that if you haven't already.  It doesn't sound like that but again without seeing it's hard to say. 

 Thanks everyone. I do on occasion call Buddy off, especially if the play isn't  too rambunctious, When he first started doing it I was afraid that he would target the other dog in an attempt to protect Ribbon. That doesn't seem to be his motivation. As I said he his very good with her considering she is a real pest sometimes. Buddy has snapped at her and made her yelp. It's quite funny. Buddy will immediately shoot a guilty glance in my direction then start licking Ribbon's mouth.