I wouldn't hold the younger one back if she is ready. Just treat it as matter-of-factly as possible. Keep the older one in pull-ups at night for a while longer, then try undies at night again, maybe every few months, returning to pullups if she can't stay dry. I think my oldest was 5 before she stayed dry at night and some kids are much much older, especially if it runs in the family.
During the day, you'll need to take her to the potty on a schedule, just like when you are first training. Don't wait for her to tell you she needs to go and don't ask her. Sometimes kids will insist they don't need to potty and be wet 5 minutes later. Once she's doing great staying dry on a potty schedule, gradually increase the time between potty trips.
Try not to stress. Accidents at 4.5 are very common.
Pegasus