To me it sounds like she is on adrenaline (unconfident) and becomes impulsive. It doesn't sound like excitement to me. The fact that she rears tells me that it's her emotions running away and when you try to stop it in the front, she feels that 'wall' so the only other way she can go is up. Having a horse go in circle after circle is the worst thing you can do when they are in this frame of mind, it will just escalate the problem. You can do half circles (with your back to a fence) so that she has to constantly disengage her HQ's, thus helping kick in the 'thinking side' of her brain. Backing, going sideways, transitions every few strides are also great ways to get a horse thinking again.