Using or in the sentence won't change the meaning. Both would be understood as _Mike is excited **because of** winter vacation_.
Both and can mean a reason or cause. The following is from the entry . All the used here can be replaced by without changing the meaning (much).
> 6forwith
>
>
>
> She blushed for shame.
>
>
>
> He danced for [with] joy.
>
>
> They shivered with cold.
>
>
> They were suffering from hunger.
>
>
> We were startled by the alarm.
On the other hand, ( _He died of cancer_., is used for a cause) can't be ×. So it ultimately depends on the verb whether / is used.
* * *
BTW is not acceptable. It should be .