ExecutorService queue = new ThreadPoolExecutor(2,
            4,
            400,
            TimeUnit.MILLISECONDS,
            new ArrayBlockingQueue<Runnable>(250, true),
            new ThreadPoolExecutor.DiscardOldestPolicy());
    Runnable r = new Runnable() {
        @Override
        public void run() {
            try {
               if(isTimeForLongRunningExecution()){
                    //Is it possible to start this job asynchronous without starting to many threads
                    doLongRunningTask();
                }//do job with old data until new data is available, but do not block this operation too long
                doNormalTaskWithOldOrNewData();
            } catch (InterruptedException e) {
                e.printStackTrace();
            }
        }

        private void doNormalTaskWithOldOrNewData() throws InterruptedException {
            if(checkNewDataAvailable()){
               System.out.println("Work with new Data");
               Thread.sleep(300L);
               System.out.println("Work completed!");
            }else{
              System.out.println("Work with old Data");
              Thread.sleep(300L);
              System.out.println("Work completed!");
            }
        }

        private void doLongRunningTask() throws InterruptedException {
              System.out.println("Create new Data");
              Thread.sleep(3*60*1000L);
              System.out.println("Data creation completed!");
        }
    };//end of runnable

    while(true){
        for (int i = 0; i < 60; i++) {
            queue.submit(r);
        }
        Thread.sleep(1000);
    }