How does an electron move around as a wave in orbitals? This question arose when I was told that there were positive and negative lobes in an orbital. I wanted to know on what basis this was proposed and hence I searched it on web and found out that it resembled the phases of the wave. But I always thought of orbital as a 2-d racing circuit for the electron, in which the electron would race around while bobbing up and down. Hence I wanted to know whether the p-orbital is the wave itself or is it like a racing circuit?
Here is my attempt to explain it visually! (Great graphics? Thank you!)
Conclusion : Electrons don't have position. They are called particles only because they show nature of particles. Since they don't have position and are not particles, then there is actually no reason to visualize their path. They are neither particles nor waves but a mix of them. (If there is something wrong about the conclusion, then feel free to comment below)
 A: 
I wanted to know whether the p-orbital is the wave itself or is it like a racing circuit?

The p-orbital is the wave itself. It is a standing wave that reflects off of the confining potential well of the Coulomb attraction to the nucleus. If you take a cut through the $y,z$ plane, it looks like this:

Mathematica source: Import["http://halirutan.github.io/Mathematica-SE-Tools/decode.m"]["http://i.stack.imgur.com/SbGmb.png"]
Here the vertical axis is the 'probability amplitude' (i.e. the wavefunction, $\psi(x,y,z)$).
You get the standard peanut shape if you compute the squared-modulus $|\psi(x,y,z)|^2$ and you plot a contour at a fixed value halfway between the minimum and the maximum, either in 2D or 3D.
The "racing circuit" you have drawn has no relation to reality. To the extent that it can be made to work is by having the "racing circuit" go in a straight line up and down the $z$ axis, with a wavelength equal to the length of the circuit. (But that is a fragile mental model, and it is extremely liable to cause additional errors and misconceptions, so use it as sparingly as possible.)
A: In quantum mechanics electron in general has no position. It is not that we do not know what is the position, it literally has no such property. Kind of like color has no taste. It makes no sense to talk about position of electron (in general), just like it makes no sense to talk about taste of color blue.  So the picture of racing electrons is just wrong.
All we can say is what probability is to find electron at certain area. Orbital is simply put just wave function that encodes this probability if it would be filled by some electron.
The pictures of orbitals you can see are just areas of space, where the probability density of finding the electron there is bigger than certain number - if it would be filled.
Answering the comment:

"...electron has no position..." seems to contradict "...we can say the probability to find electron at certain area..."

it only seems that way. It has not position before the collapse of the wave function, but it has immediately after the collapse. The measurement forces the electron to take up the position.
A: We don't have a model of an electron but we know that its charge is essentially concentrated in a point. Its dynamics is however described by a wave, the wave function, which is a solution to Schrodinger's wave equation. For an electron in the coulomb potential of a nucleus this equation has discrete solutions, orbitals, that describe bound states.
