Hi Roger,
In situations like this, where you are trying to model a system, I'd always break it down into the most fundamental principals and build up a model from there.
I think we can safely assume the mass (M1) impacts the piston and stays with it as opposed to bouncing off. From this, we find there is a conservation of momentum between the before impact and after impact system. If the mass of the piston/liquid system (M2) is small compared to M1, we can neglect M2. If not, recalculate velocity of the system using conservation of momentum. This will be the velocity of the system just as the liquid is about to begin squirting out of your orifice.
Next, you need to model how this combined mass (Mc=M1+M2) is going to be slowed. Here, the simple F=ma (or F=Mc * a) equation is applicable. The force opposing the motion of Mc is due to pressure acting on the piston, so F = PA where P = pressure on piston and A = area of piston. But the question is, how can you find the pressure inside the cylinder at any time after impact, t?
With Mc moving at some initial velocity, V(0) (this represents velocity at time 0) you can find the velocity of the liquid shooting out of your orifice using the continuity equations for conservation of mass. This is the equation Fred was eluding to. The velocity is a function of the areas. You might also want to include some discharge coefficient for your orifice such as suggested on this web page. It should be just as simple as adding the coefficient (K on the web page) to the equation just as they show.
http://www.mcnallyinstitute.com/13-html/13-12.htm
Knowing the velocity of the liquid through the orifice, and the pressure on the orifice outlet, you can determine the pressure, P, acting on the piston.* That's the "head pressure" on the above web page. Note this equation is simply derived from Bernoulli's equation, so you should be able to derive this yourself. With pressure inside your cylinder, you can then determine the force exerted on the piston, F. With that, and knowing your mass, you can calculate the acceleration from F=ma as discussed previously.
I'd suggest doing this iteratively. You may need to make very small time increments at the beginning as that's when the largest forces will be acting on your mass Mc. Generally, I'd suggest creating a spread sheet using something like Excel. You'd create a section at the top of your sheet to put variables in such as M1, M2, Vi of mass M1, Piston diameter, Orifice diameter, Discharge coefficient, Liquid density, etc… Alternatively, you might be able to create a single equation that represents the velocity of the mass over time. Think about doing it both ways, and let us know what you come up with.
* Note, that for this rough calculation, I've made the assumption that the liquid is completely incompressible, which isn't exactly true. All liquids have some bulk modulus, just like solids. In reality, a pressure wave would be sent through the liquid at sonic velocity, but let's not consider this complicating factor for the moment. We could revisit this if need be, but I think if you're intent is to design a shock absorbing device, you are safe if you want to ignore this as velocities should be small compared to sonic velocity in the liquid.