The history of recurrence would rule out hemangioma. However, pyogenic granulomas are very vascular and can look like hemangiomas. This one is very red from the dilated blood vessels. An epulis is a gingival swelling and a pyogenic granuloma is a common one, occurring in response to some irritation. The inflammatory overgrowth can be frightening because it grows quickly and bleeds.
Treatment is excisional biopsy.
They do have a tendency to recur. Note the plaque on the central incisors and the blue interdental papilla, indicating a gingivitis.