It was caught on tape by a cell phone.
Authorities say the "Crazy Bus" ride started to move as passengers were exiting Saturday night at a carnival about 6 miles south of Daytona Beach.
Sherri Pinkerton had to dangle by one hand while holding her toddler in the other arm. After three minutes, she dropped the girl, who was caught by fair-goers.
Pinkerton told CBS affiliate WKMG-TV in Orlando that her daughter was clinging to her shirt and she had to pry her fingers off before dropping her.
Firefighters used a ladder to rescue Pinkerton from the ride, which rotates like a small Ferris wheel.
No one was hurt and inspectors are investigating.
On The Early Show Monday, Don Wheat, one of the rescuers, and his wife, Diana, who witnessed the incident, described it all to co-anchor Julie Chen: