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Calling a timeout for the child who hit is just the first step - the anger and jealousy that caused the hit is what really needs to be addressed. Children are vying for time and attention (and often toys) - and there might not be enough of these things to go around. Admit this to the child, and ask to find ways together to work with what *is* available to meet their needs.
Young children cannot always be expected to share - before a certain age the concept simply has no meaning for them. Work with what the child is capable of, and find ways to meet each child's needs within the limits of time and money.
Most importantly, let each child know that you love them individually. When a child is secure in this knowledge, other petty jealousies tend to fade.