To REALLY do this, you need to use ACLs and a custom group to share the library between accounts.
First, create the group: Go to System Preferences --> Users & Groups. Unlock and authenticate, then click the + sign above the lock. Under the dropdown for "New" select "Group", and create a new group named "photosharing". Under Membership, check all the user accounts you want included in the sharing.
Next, log in as an administrator and open the terminal. Paste in the following text all at once:
sudo chmod -R +a "photosharing allow delete,chown,list,search,add_file,\
add_subdirectory,delete_child,file_inherit,directory_inherit" \
Then press enter and enter the admin password if prompted.
Finally, drag the Photos library you want to share into the terminal window and press enter again.
Voila. Both users should now have access to the library. The /Users/Shared directory is probably the ideal place to have your library located for something like this, but an external drive would work as well. I've used this for sharing iPhoto libraries for years, and recently reused it when I was testing out the Photos app after upgrading to El Capitan.
Note that the app can't be running in both users at the same time. So If one user is logged in with the app open, and you fast user switch into the other user and try to launch the Photos app, you'll get a notice that the library is locked by another user. You'll always need to remember to quit the app in one user before you can launch it in another user.
In addition, doing this won't cause you to share an iCloud Photo library between users, just the library on the local machine. If each user wants to enable iCloud Photo Library (it sounds like that's not the case here), you'll each be uploading your library to the cloud separately, (and pay any monthly storage fees) and Apple will store and bill for both copies.