It sounds like you have both drivers installed but the device is currently running on the old one.
Personally, I wanted as clean of an install as possible so this is what I did:
I uninstalled the devices from Device Manager.
Then, I unplugged the USB/HDMI from the camera and HMD (rather than pull the computer out, I simply unplugged the USB cable on the side of the camera and USB/HDMI going into the front of the HMD).
I killed/closed the Oculus service and configuration tool.
Next, I uninstalled all of the old Oculus software.
The runtime uninstaller wanted to reboot when it was finished; which I did.
I installed the new runtime. The cables for both the HMD and camera were still unplugged.
The install will want to reboot.
While the system is booting back up, I reconnected the camera and HMD.
If it doesn't bother you that you have two versions of drivers installed (it's not uncommon), you should be able to skip the above steps and simply upgrade the driver from Device Manager.
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