Your old site might have more backlinks. The number of visitor does not counts for PR. The more number of backlinks....the more will be ur PR.
Quoting from the original Google paper, PageRank is defined like this:
We assume page A has pages T1...Tn which point to it (i.e., are citations). The parameter d is a damping factor which can be set between 0 and 1. We usually set d to 0.85. There are more details about d in the next section. Also C(A) is defined as the number of links going out of page A. The PageRank of a page A is given as follows:
PR(A) = (1-d) + d (PR(T1)/C(T1) + ... + PR(Tn)/C(Tn))
Note that the PageRanks form a probability distribution over web pages, so the sum of all web pages' PageRanks will be one.
PageRank or PR(A) can be calculated using a simple iterative algorithm, and corresponds to the principal eigenvector of the normalized link matrix of the web.
To calculate the PageRank for a page, all of its inbound links are taken into account. These are links from within the site and links from outside the site.
PR(A) = (1-d) + d(PR(t1)/C(t1) + ... + PR(tn)/C(tn))
That's the equation that calculates a page's PageRank. It's the original one that was published when PageRank was being developed, and it is probable that Google uses a variation of it but they aren't telling us what it is. It doesn't matter though, as this equation is good enough.
In the equation 't1 - tn' are pages linking to page A, 'C' is the number of outbound links that a page has and 'd' is a damping factor, usually set to 0.85.
We can think of it in a simpler way:-
A page's PageRank = 0.15 + 0.85 * (a "share" of the PageRank of every page that links to it)
"share" = the linking page's PageRank divided by the number of outbound links on the page.
A page "votes" an amount of PageRank onto each page that it links to. The amount of PageRank that it has to vote with is a little less than its own PageRank value (its own value * 0.85). This value is shared equally between all the pages that it links to.