I was instructed not to loop in the circuit, but rather climb back up over the airfield to the dead side and rejoin. Unless you can simply extend downwind or the like, but if it's a big beast with wake turbulence where I need more time, going up and over seems a better option.
This came in to play when I was on downwind and a big bird called for a straight in approach. (Rex or Jetstar, can't remember). I simply powered up and climbed up over the AD above CCT height and back over to the dead side. Then, just wind down to CCT height and join again! Was awesome view of the bird landing, got some more time on the clock, and landed happy!
Again, some might say it's overkill, but when I sit in my cockpit, guess who is the PiC. ?