Flanker, in what type of aircraft was your initial/recurrent training?
Strange folks that they tell you to abort the takeoff after V1. Depends a bit on the type of aircraft you're flying of course. If you're in a King Air on a 13,000 ft long runway, it's a different thing than in a B747. But still, V1 is V1.
Consider that a high speed abort might be more dangerous than taking it into the air. How about brakes catching fire, tires blowing up, losing control of the aircraft, when maybe you would have been in full control if you did a circuit.
If you take it in the air (and the plane should be able to fly on n-1) and come back, you will have the full runway available to come to a complete stop. Plus, your mindset will be different, you will be prepared for your touchdown and deceleration to a stop.
So there are two options:
1. High speed abort
2. Take it in the air
Whichever is the least dangerous course of action is the one that should be taken, I think.