Variously, I've heard orbit left and orbit right (direct instruction from ATC in controlled airspace which provided the neccesary information).
I also recall an orbit is just that. One, not plural.
A hold (ICAO std) has a specific pattern whereas an orbit is basically a slowing down/ distancing thing.
In a helicopter, we just slow down and hover, but sometimes in nicer to go round to see what's behind you.
h-r