When Penny starts playing, she gets so wound up that she turns into a tornado of teeth & nails.

There are many different hints to help solve this common puppy trait.
Nothing is 100 percent and nothing seems to work everyday nor every time.
Puppies are very unpredictable in what they re-act too & when.

I'll go through the list and tell you how Penny re-acted to each one.
-------------------------------------------------------------------------

Stop playing any type of tug-of-war games:
The first thing I did was stop playing any type of tug-of-war games.
Penny loves tug-of-war & still tries to play it.
My refusing to play tug-of-war has helped a lot.

Choose one toy to play tug-o-war with & only bring it out when playing tug-o-war:
We have appointed one of her toys for this.
We've decided to let her play tug-o-war once a week and only with dh.

Spray with water bottle: Spray puppy with water bottle to stop the nipping.
This worked for exactly one day. She enjoyed it so much it became a game. 
I stopped.

Say "no" loudly & Spray with water/vinegar mix bottle:  to stop chewing on pants legs & furniture.
One of the tricks of this is to have a small enough bottle so the puppy really can't see it. The vinegar will make the puppy sneeze, but doesn't seem to harm her. 
I used a mix of about 1 tablespoon vinegar to 8 ounces of water. 
I spray above Penny's head towards the end of her tail and Never in her face.
This works. It stopped Penny in a heart beat from chewing on our chairs. It doesn't stop her forever and we do have to repeat it, but, we figure eventually she'll get the idea and stop chewing on things that she isn't suppose too.

Distract puppy with a toy or chew bone:
This became a game real quick to Penny & she even started bringing a toy to me to play it. 
We still use this, but it's quite frustrating at times. Penny will let us pet her as long as she has her chew toy in her mouth. The moment she drops it, she starts nipping us.

By 4 months Penny & the toy or chew bone distraction:
Penny finally figured out that when she chews on us, she gets either ignored or a time out (depending on the extent of her nipping), so she brings a chew toy with her when she wants to sit with us & be petted. If she drops her toy, she will bark for us to get it for her (instead of chewing on us as her replacement chew toy.) 

Time out in crate: When puppy will not stop nipping, give them a time out in their crate for 5 or 10 minutes.
Okay, this one is absolutely useless for Penny. I put her in crate & she is sound asleep in 5 or 10 minutes. 
Penny is a sleeper, she wakes up & plays tornado for about an hour and then sleeps for 2 to 4 hours. She loves her crate & and has never fell asleep anywhere in our home but her crate. She demands with barks & yelps to be put in her crate.
It got so, that it seemed like she would start nipping forcefully just to get put in her crate. 
I stopped using this type of 'time out', I honestly, was afraid that she would think that if she wanted to go to bed that she should bite me to get put there.

I Started Using 'Time out in crate' After Penny's spaying:
I was afraid that too much lifting & setting her away from us along with her desperate struggles to get back our attention, might cause her some problems. So, when she started getting too nippy & wound up, I started using the 'time-outs'. I figure it was better to do one lift and careful placing in her crate. I let her out after about 15 minutes and amazingly enough, it seems to have helped. She now seems to know the difference between 'time-out' and 'bed-time'. 

Yelp & say loudly "No" then praise her when she stops even for a second:
This works for about 2 seconds.  Just long enough for her to pick out the next spot to nip.
Honestly, during her pause from my 'NO', I would praise her and it seemed as if she got the message confused and thought I was praising her for nipping and then nip harder the next time.

Yelp & say loudly "No" & ignore puppy for 5 to 15 minutes: 
Well, it's a theory, 
but it's hard to ignore a puppy chewing, pulling & tugging everything in site in a desperate effort to get your attention. Suddenly, I'm so busy trying to stop her from shredding the chair or sofa that the 'don't bite the human' command is lost. 

Yelp & say loudly "No" & leave puppy alone in the room for 5 to 15 minutes:
Penny re-acts different in a room alone than she does alone in her crate, (she rarely cries in her crate).  She last less than 5 minutes alone in a room before she panics & starts barking. When I step back in the room, she is so happy to see me that she starts chewing on whatever is closest to her mouth while jumping all over me.
Guess I should interject here, that I feel the only thing a baby or puppy would get out of crying in a room alone for an extended period of time is the message that they are abandoned & unloved.
It's also amazing how many things a puppy gets into while alone in a room.

After about a dozen times of trying the suggestion 'yelp & turn away or walk away', 
it occurred to me that Alpha dog was not the one who walked away.  So, Alpha human shouldn't be either.  I changed my tactic. When she wanted in my lap, I made her 'sit' and then I'd pick her up & put her in my lap.  When she started to bite me, I would yelp and say 'no' and then I would put her on the floor.  She would try, to get back up in my lap, I would then ignore her.  She'd scratch at the chair and bark or whine and I'd tell her no and back her away from the chair with my hand on her side & tell her to 'sit'.  Then I'd fold my hands in my lap & continue to sit with my eyes away from her.  In few minutes, she'd be peacefully sitting at my feet waiting for me to pick her up again.  And, you know what, after a few times, her force and flurry of biting lessened a lot. (This suggestion has helped the most!)

Say "No Bite" loudly & Turn your back to puppy:
I got the idea from watching a program years ago on porpoises training. When the porpoises wasn't cooperating, the trainer would turn her back to the porpoises walk away from the pool. 
This helps Penny try to behave and want to play instead of nipping when I give her my attention back. 

Shake a can of coins while saying "no":
When I've managed to have the can handy and shake it to get her to stop nipping, the noise scares her so bad she dives behind me and chews with all her might on anything she can get them razor sharp baby teeth into.
Shaking a can of coins is more helpful to get her away from chewing furniture & things. She tucks her tail between her legs and dashes away from the area or item that she's chewing on. (just a slight shake of the coins really unsettles her)
However, I do not use this. Penny has a problem with loud noises. When she's being destructive to furniture or objects, I yell "No" and clap my hands loudly, it scares her away from the area but it doesn't terrify her like the can of coins does. 

Pennies in a plastic bottle to make noise to distract. Man, she absolutely tried with all her heart to get the bottle to chew on. I'd keep it out of her reach (although a few times she snuck across my lap and snatched it off the end table. lol) Anyway, I'd shake the bottle, she'd break her hold on my arm or hand and lunge for the bottle. I'd say 'no' and then I'd command her to lay down and she would.  She'd calm down for a minute and I'd pet her and praise her for being a good girl and give her a small piece of a doggy snack, then she would start all over again.  I finally gave this up.
When Penny is inclined to grab hold of my pants leg or my sleeve, if I have the penny-bottle close, I shake it while saying 'let go' loudly.  Usually, this will stop her and then I command her to 'sit'. When she has sit for a couple of seconds, I praise her for being a good girl.

Give a short whistle, make the puppy sit & then praise her for minding: when puppy is inclined to grab hold of your pants leg or sleeve. 
The short whistle distracted my puppy & she let go of my clothing & look straight at me. I told her to sit, she did so & after a couple of seconds, I praised her for being a good girl.

Use white vinegar to coat your hands & arms (& any other exposed skin that the puppy might nip):
Smelly, yes, but it does seem to work.  After she got a taste of the vinegar on my skin, Penny played much more careful and I didn't have to constantly tell her "no biting".
I used this a couple of times. It works on your skin, but she still nips sleeves, pant legs, socks & the arms, legs & toes beneath them.

Tap her lightly on the nose and command her to let go.  This didn't work.  She would release her bite on my arm or hand and grab the hand that I tapped her on the nose with.

Hold your thumb in her mouth and hold her bottom jaw carefully while saying no.  She took this opportunity to try and chew my thumb off.  (I must say that, we once had a labrador retriever and this worked like a charm for her and it worked within a couple of tries)

Roll puppy over on it's back and carefully hold muzzle while saying firmly 'no bite', continue to hold puppy down until she submits.
This set my hand up in a perfect position for Penny to pull out of it and nip me harder. I tried this only twice.

Gently place your hand over the muzzle and press carefully down towards her chest.  Again,
a perfect set up for her throw her head back and bite my hand straight across and not let go of it until I physically took my other hand and opened her jaws. I tried this only twice.

Roll puppy on her back and hold till she submits to you being alpha .... This was so cute,
she laid there and let me rub her tummy. There was no struggle. So, at least Penny got a good belly rub...and a lot of good girl praise.  This gave me hope, short lived, but hope is hope....

-------------------------------------------------------------------------

Penny really has improved over time and I think it's because she is getting older and we are consistent in trying to teach her to stop nipping. 

So, patience, patience, patience and lots of trying these hints over & over again and hopefully, one week soon, the good puppy that so lovingly & lightly takes food from our hand will also be the same loving & light puppy when she plays with us. 

-------------------------------------------------------------------------