To be exhilarated is to be full of joy, happiness, and excitement. When you're exhilarated, you're in an extremely good mood. A good run on a sunny day full of kittens and rainbows can make you feel exhilarated.
When you feel enthusiastic joy, you're exhilarated. This is an energetic, positive state. Landing the perfect job can make you feel exhilarated. Falling in love makes people feel exhilarated. Winning a spelling bee can make you feel exhilarated. When you're exhilarated, you're not only happy but bursting with energy. If you see a horse, you might feel happy. If you see a unicorn, you might be exhilarated! (Unless you’re allergic to mythical creatures.)