My friend has a labby who behaves similarly. He has to watch the dog closely when he's playing with other dogs, and before the dog gets anywhere near the "danger zone" pull him out of play for a few quick sits and downs, and a break before he gets to go play again.

Interrupting the behavior before it's out of control seems to be key. Easier said than done, I know, but hopefully things will be a little easier for you as time goes by!