I tried some time ago to create a loop like a circle (exactly an arc of a circle, a bit rounder and nicer). I didn't find a easy way to do this, but here is the code I wrote to such loops.
First code: I used only TikZ but I used an empirical method to calculate some of the lengths.
The macro \tikzAngleOfLine gives me the angle of a line. If \AngleEndis greater than \AngleSart a problem appears. In the second code example I give a solution to this.
\documentclass[a4paper]{article}
\usepackage{tikz}
\usetikzlibrary{arrows,calc}
\newcommand{\tikzAngleOfLine}{\tikz@AngleOfLine}
\def\tikz@AngleOfLine(#1)(#2)#3{%
\pgfmathanglebetweenpoints{%
\pgfpointanchor{#1}{center}}{%
\pgfpointanchor{#2}{center}}
\pgfmathsetmacro{#3}{\pgfmathresult}%
}
\begin{document}
\begin{tikzpicture}[scale=1.5,>=stealth']
\node [circle,draw,minimum size=2cm](A) {first node};
\node [circle,minimum size=3cm](B) at ([{shift=(60:1)}]A){};
\coordinate (C) at (intersection 2 of A and B);
\coordinate (D) at (intersection 1 of A and B);
\tikzAngleOfLine(B)(D){\AngleStart}
\tikzAngleOfLine(B)(C){\AngleEnd}
\draw[red,thick,->]%
let \p1 = ($ (B) - (D) $), \n2 = {veclen(\x1,\y1)}
in
(B) ++(60:\n2) node[fill=white]{$\alpha$}
(D) arc (\AngleStart-360:\AngleEnd:\n2); % -360 only if \AngleStart>\AngleEnd
\end{tikzpicture}
\end{document}
The result is 
Second code: Here I used some macros from the tkz-euclide package. The idea is to build an orthogonal circle to the first node.
\documentclass{article}
\usepackage{tkz-euclide}
\usetkzobj{all}
\usetikzlibrary{through}
\newcommand{\tikzAngleOfLine}{\tikz@AngleOfLine}
\def\tikz@AngleOfLine(#1)(#2)#3{%
\pgfmathanglebetweenpoints{%
\pgfpointanchor{#1}{center}}{%
\pgfpointanchor{#2}{center}}
\pgfmathsetmacro{#3}{\pgfmathresult}%
}
\def\roundloop[#1]#2#3{%
\coordinate (rla) at (#2.east);
\path (#2)--++(#1) coordinate (rlb);
\tkzTgtFromP(#2,rla)(rlb)
\node (rlb) at (rlb) [circle through={(tkzFirstPointResult)}] {};
\coordinate (rlc) at (intersection 2 of #2 and rlb);
\coordinate (rld) at (intersection 1 of #2 and rlb);
\tikzAngleOfLine(rlb)(rld){\AngleStart}
\tikzAngleOfLine(rlb)(rlc){\AngleEnd}
\tikzAngleOfLine(#2)(rlb){\AngleLabel}
\ifdim\AngleStart pt<\AngleEnd pt
\draw[red,thick,->]%
let \p1 = ($ (rlb) - (rld) $), \n2 = {veclen(\x1,\y1)}
in
(rlb) ++(\AngleLabel:\n2) node[fill=white]{#3}
(rld) arc (\AngleStart:\AngleEnd:\n2);
\else
\draw[red,thick,->]%
let \p1 = ($ (rlb) - (rld) $), \n2 = {veclen(\x1,\y1)}
in
(rlb) ++(\AngleLabel:\n2) node[fill=white]{#3}
(rld) arc (\AngleStart-360:\AngleEnd:\n2);
\fi
}
\begin{document}
\begin{tikzpicture}
\node[circle,draw] (O){first node};
\roundloop[180:2]{O}{$\alpha$}
\roundloop[0:1]{O}{$\beta$}
\roundloop[60:3]{O}{$\delta$}
\roundloop[-120:4]{O}{$\gamma$}
\end{tikzpicture}
\end{document}
