Nope, definitely doesn't run two laps. I'm there every so often with my young cousins. It's a fun ride though; those helices are surprisingly forceful. A nice fit for a small, kiddie-oriented, highway amusement park.
Compared to the other rides this park offers, this is like the Kingda Ka of this park. To answer your question about going multiple times, it depends who is operating and if there is anyone in the station waiting to get on. Towards 6-8 PM we were getting a re-ride usually because there was a manager running the ride and because there was no one waiting in line.
And aparently I am now remembered because I guess I broke some record for the most rides on this in one day, anyone want to take a guess how many times I rode it? (Oscar, Titan, and rwn) may not answer this.
Dose the park still have this ride. I know they had it up doe said a year or so ago. Looks like a fun family coasters and I have always liked the trains it cooperates. I'm surprised Zierer hasn't built more of them.