In this paper, the dynamics of the paradigmatic hyperchaotic oscillator with gyrators introduced by Tamasevicius and co-workers (referred to as the TCMNL oscillator hereafter) is considered. This well known hyperchaotic oscillator with active RC realization of inductors is suitable for integrated circuit implementation. Unlike previous literature based on piecewise-linear approximation methods, I derive a new (smooth) mathematical model based on the Shockley diode equation to explore the dynamics of the oscillator. Various tools for detecting chaos including bifurcation diagrams, Lyapunov exponents, frequency spectra, phase portraits and Poincaré sections are exploited to establish the connection between the system parameters and various complex dynamic regimes (e.g. hyperchaos, period-3 doubling bifurcation, coexistence of attractors, transient chaos) of the hyperchaotic oscillator. One of the most interesting and striking features of this oscillator discovered/revealed in this work is the coexistence of a hyperchaotic attractor with a chaotic one over a broad range of system parameters. This phenomenon was not reported previously and therefore represents a meaningful contribution to the understanding of the behavior of nonlinear dynamical systems in general. A close agreement is observed between theoretical and experimental analyses.