Are they both the same as in distance education, or slightly different in many ways?
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excellent question. i will try to give my 2 cents
Open university has very flexible and relaxed curriculum that you can do using correspondence ( also online sometimes). Admission requirements are very linient too.
But online university basically has same requirements and standards that of a normal university but the benefit is that u can do all courses completely online.. that is from ur workplace, home etc. the downside is u don’t interact(personally) with other students(yeah chats and all that are there) or professors.
Bottomline, the open university has the purpose of providing education to people of all background and constraints.. (making more people educated even if the standards needs to be compromised a bit) but the purpose of online university is to provide all education at your doorstep without necessarily compromising in quality (not at least through course structure or grade requirements).