So all three of you are sleeping in one room?
I first read this as just the toddler and new born sharing a room.
Does toddler have his own bed or are you co-sleeping? Do you plan on cosleeping with newborn? I think it would be hard to cosleep with two young children? Does toddler still think of the crib as his?
How much room is in the bedroom our boys shared a small bedroom so we put the older one in a toddler bed because it fit in the room the best.
I think it's important for moms to get restful sleep. Can you move to another room or on a couch/pull out bed. I found it hard to sleep with all the noises newborns make (they are quite noises for being so little).
I tried to keep the boys separate at nap time, and newborn usually slept with me until he had longer sleeping periods at night. Then the boys shared a room. When we moved into a bigger house, and they had the option to have their own room, they opted out and still share one today.
But I have not had myself and kids in one room longer then a vacation stay. But you do the best you can with what you have.
Can you please clarify the sleeping situation?