Say "Going Round" on the R/T, whilst overshooting.
Take your time, and get it sorted.
That would be my option as well,
Runaway 
Whilst an orbit is one way of dealing with the situation, it can sometimes lead you into more "situations" - overbanking, high descent rates, rolling out misaligned with the runway because of improper correction for the wind component, conflict with other traffic.
A go around allows you to set yourself up in the position you should have been.
There is no disgrace in going around - it's a sign of good judgement and airmanship