L.B.
Hi, sounds like a classic case of jealousy. As your younger one gets older and more mobile, your older one will feel more threatened. Plus, she gets attention from you when she hurts her sister, which is also the objective of the older one (seeing as she feels she has less since the baby was born).
My suggestions would be, give your older one as little attention for the hitting as is possible (without ignoring it completely). e.g.- when she hits, go directly to the younger one and comfort her (in front of the older) without even talking to your oldest. This shows her that when she hits, you will give even more attention to her sister. Then remove your oldest without talking to her and put her in her room ( or where ever you give time outs). At this point, she knows that hitting is wrong and your silence can be a powerful tool and message. If she resists the time out, keep returning her to the time out spot with out talking or making eye contact (i.e. giving her the attention she is looking for). Try to be as consistent as you can even when you are out of your house. Easier said then done!
On the flip side, make a time that you spend alone with your older daughter ideally, every week. Try to do things that she really loves to do. Have your husband do the same. Praise her for any positive behavior that she shows towards her younger sister however small. Load on the attention for the positive. You could even do a sticker chart for the positive.
Good luck. Remember, this will take time
L.