In your description you say the first document opens as the Title you gave it.
Templates always open as Untitled so it sounds like you have saved a regular document, perhaps into your templates folder which is possible.
Since you have already worked on it and it has been previously saved, Lion will now Save for you and Save a Version is available
The other document does open as Untitled so sounds like a real template and as Peggy has pointed out will not have either Revert nor Save a Version until you Save it and have changed something in it.
This is a classic example of just how Apple's supposedly "simplification" of the process, is leading to confusion of what has happened. That the conditions and resulting actions from those conditions is so convoluted says it all.
It all reminds me of the Monty Python Life of Brian sketch with the "simplified" John Cleese instructions to the class, as to if you have a brother in an older dorm whether to hang your hat and bag on the hooks provided. The trouble is Apple does not get the joke, that it is transforming itself into a frequently self contradictory bumbling bureacracy. The price of unchallenged self appointed geniushood.
The incoherent half baked stumbling juggernaut has reached new triumphs with its edict on enforced Sandboxing on developers when it is unable to follow even its own instructions.
Peter