Okay, so one big loop, got it. If you happen to remember when/where this is established I would love the reference. (Again I wonder how much of what is said can be believed.)
And thanks again for your reply, HeavyHalfMoonBlade! And I love the discussion about eastern philosophy and glad others have joined in on this discussion! I like how you explained the concept of Nirvana and how it may or may not feature in the WoT.
Sabio's comments bring me back to my original question and confusion...
So if it's one grand loop, then souls are spun back out each cycle...except LTT, who is reborn within the cycle. Is he the only one to get multiple iterations within the same cycle? If so, okay. The wheel/light is kind of cheating there, but sure. If not, then I'm back to some of my original confusion.
The thing that keeps sticking with me is Birgitte talking about how she gets spun back in with Gaidal each time. And then Birgitte says she hasn't seen Gaidal and thinks he was spun out as a baby but she herself gets ripped out into the flesh and worries she won't be able to find Gaidal, etc. But this doesn't make sense to me unless she's used to multiple reincarnations within the same cycle. Because how would there be legends of Birgitte Silverbow if she hadn't yet been spun out this cycle already. So maybe it's just LTT...plus the heroes of the horn get multiple lives within each cycle? We certainly don't know of any "bad guys" that get spun out multiple times (naturally, not due to DO) within the same cycle do we?