I use this product on my rabbits when I see an eye problem:
http://www.drsfostersmith.com/product/prod_display.cfm?pcatid=9674. It works really well and very fast. Usually their eyes will be back to normal in 2 days of using it once a day.
A lot of times my Lionheads get runny eyes, because the wool on their cheeks gets into their eyes and causes irritation. I can't tell from the picture if this is what's happening with yours, but it could be. Again, using Terramycin Ointment really helps.
I'd also suggest perhaps isolating this bunny from your other rabbit, as a runny eye can sometimes be a sign of something worse.