  We report on a study of the zero-momentum cyclotron spin-flip excitation in
the V=2 quantum Hall regime. Using the excitonic representation the excitation
energy is calculated up to the second order Coulomb corrections. A considerable
negative exchange shift relative to the cyclotron gap is established for
cyclotron spin-flip excitations in the the spin-unpolarized electronic system.
Under these conditions this type of states presents the {\it lowest-energy}
excitations. For a fixed filling factor V=2 the energy shift is independent of
the magnetic field which is in agreement with recent experimental observations.
