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Help me decide please!

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Hello All,

Profile:
GPA: 3.1 (top 5 liberal arts school USA)
GMAT: 680 Overall: 85% (M: 73% and V: 81%)
Current occupation: 5 years, Technology Project Manager at a non-profit biotech, previously at IBM Consulting
US Citizen

I applied this last year and got waitlisted at TUck. I received feedback from Tuck that advised to retake GMAT and I retook the GMAT (MGMAT private tutor and 1.5 month of studying) and got a 650. CRAP!

My options now:
I am still wait-listed on Tuck and now on their "reduced waiting list"
1) Retake GMAT in first or second week of August and reapply to schools next year. However, this means Tuck would have already made its decisions as their email indicated they will work on the reduced waiting list on mid-late July
2) Let Tuck know that I am done with GMAT and write another short essay about couple of recent work accomplishments. See if this gets me in.

Any thoughts?

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