I'm with Slow-Rider on this one. Go around.
Definitely do not cut up the guy on final. He may not have spotted you yet, it might get nasty.... And it also might not be legal.
Going behind him is an option. If it's a busy circuit, then the next guy will have to go behind you, and the next guy behind him.... and the circuit will just get bigger and bigger. If it's a quiet circuit then it's not so bad, but you're going to be very low down, out of gliding distance of the airfield.... migth be acceptable, depending on the local terrain, or it might not.
There is no downside to going around in this situation, except that it might cost you a bit more cash and a bit more time (unless you are extremely low on fuel, in which case declare a Mayday and you become number one - but that's a different scenario entirely).
FFF
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