Google Penalty - What To Do?

One of my webpages has been penalised in google (removed from the organic search results).

It used to rank number 2/3 then dissapeared, then came back for a day or so at rank 9 / 10 (but PR dropped from pr4 to NA) then it has dissapeared again.

I think this may be due to a google penalty as a resuit of over useage of the KW anchor text in the links pointing to the webpage ?

I guess my question is what should i do?

I have thought of 3 options:

1. Make a New page with same content and build links for this but 301 the old page to the new one, keep all existing links pointing to the old page

2. Keep the old page but change the anchors from my link partners and hope the page comes back to normal (ie sit and wait strategy)

3. Make a new page with the same content and 301 the old page to the new one but slowly change the links that are pointing to the old page over to the new one ?

or any other ideas you may have, any advice would be really helpful in this time of need

Thanks

Star