The story appears to be a variant of the sparagmos of the Orphic Zagreus, with the difference being that Dionysus was in bull-calf form when he was slaughtered. Wikipedia mentions the story (1, 2), referencing this paragraph in Walter Burkert's Greek Religion:
Dionysus is an exception. In the cult hymn from Elis he is invoked to come as a bull, "with bull foot raging". Quite frequently he is portrayed with bull horns, and in Kyzikos he has a tauromorphic cult image. There is also a myth which tells how he was slaughtered as a bull-calf and eaten by the impious creatures of old, the Titans. In the Classical period, however, this myth is suppressed and kept secret since it is scarcely compatible with the public image of the divine.
Burkert, Walter, Greek Religion, 1985 pp. 64
Unfortunately, this is all I could find about it.
Do we know of a fuller version, one that would hopefully explain why Dionysus was in bull-calf form? Was it perhaps part of his punishment, or event an attempt to lessen his suffering? If a fuller version does not exist, do we at least know how old the story is?