is there a bus to Pingyao Ancient Town from the Railway station?

Yes, bus service is available from the new railway station (high speed rail) to the ancient town. Upon getting out of the station, take bus no. 103 to Pingyao Railway Station and then you can easily walk to the town.

The bus operates from 07:00 to 20:10 every around 15min. The bus fare is CNY2 per person. I remember the duration is around half an hour.

Thank you. Does it operate the same in reverse?
Can I take it from the old railway station to the new one?

Yes, I remember it is a loop route, so you can surley take it from the old train station to the new one.