I'm afraid Putin's options regarding Turkey are much more limited . Sure, he could arm Kurds and try to impose some kind of economic sanctions but this would not hurt Turks that much, especially not visibly and in short term . On the other hand, he is well aware that Turkey (directly or indirectly) supports jihadis, even ISIS. Therefore, he could not win his little war in Syria without stopping them. Otherwise, it would be Afghanistan all over again, with Turks playing the role of Pakistan in that conflict .
For Putin, much relies on his image of tough macho man, and he would do everything to keep that. Otherwise, he risks losing prestige abroad and loosing power at home. Therefore, direct military option against Turkey is becoming only acceptable solution to him . And this military option in itself is very narrow. He cannot engage in limited ground war or undeclared aerial war of attrition, because Russia simply doesn't have enough strength for such endeavor .
Therefore, I'm afraid only one thing remain - in next few days on diplomatic front Russia would try to portray Turkey as terrorist harbor . Most likely they would succeed, because Turkey really does that - there is plenty of evidence of them arming various "moderate" rebel groups, even openly cooperating with ISIS . After that, Putin will have justification for one thing remaining - massive strikes with ballistic and cruise missiles against Turkish infrastructure (especially airfields and C&C centers) including use of tactical nuclear weapons . We all know what this means, Turkey being member of NATO alliance and such .
As it stands, world is on precipice. Fate of human species lays in rather weak hands of US President Barack Obama . He alone could mediate between Russia and Turkey, and he alone could put enough pressure on both sides - on Russia not to strike, and on Turkey to stop supporting islamists . I would pray for him, and suggest you do the same, no matter do you like him or not. I hope God would grant him the wisdom to avoid worst .
