I would definately crate him. I crate trained my dog and it was the best thing ever. You don't have to do it forever, just do it until he outgrows his puppy stage and then let him loose and go out for short periods of time to see if you can trust him again. He is at that prime age for chewing right now. There is some info on this website about crate training.
http://healthfurpaws.com/crate-training/