Rewrite Burnout Vent

Here's how it went:
I wrote my first novel by hand (chapt.5 through 32 approx 100,000 wds)
I wrote my second novel in the trilogy mostly on my wonderful laptop. (chap 11 through 36 approx 130,000 wds)
Upon finishing book no. 2, I reread book no. 1. To my horror, it was at least a quarter as good as book no. 2. There was also a huge leap in no. 2's quality about where I switched from handwriting to the laptop. In no. 1 there was barely any POV. Some of the chapters made me cringe. For example, I'm writing fantasy and there is this one chapter where the protags are fighting a pirate captain. Half of the Captain's crew is disabled temporarily by a dwarf tricking them into looking into the water, and then having his friend knock them over the side with the boom.
Yes.
I wrote that.
It is horrible and makes me shudder.
No. 1 is also a great deal shorter than no. 2. The fights are less interesting, the monsters less exciting, the conversation more stilted. There was one huge important thing I learned from this. Never write your first book as part of a trilogy. If failing in rule one, then never write your second book as the sequel.
Now, I tried to edit it. I tried valiently. But in the end the manuscript looked like a pool of red ink with a few scribbles of paper floating in it and the changes really called for a ful rewrite anyway.
So now I'm writing my third book, except I've already written this story. And it's taking a long time (I'm hugely busy finishing college and getting jobs and so on). And I've lost my passion for the story. I reached Chapter 11 and I just. can't. write. another. word.
I love this story. I was looking forwards to making it better and more exciting and more interesting. I adore my characters. But I've got 25 more chapters to go and I just can't bring myself to do it!! GAAAAAH!

Not to mention i got this cool little eerie children's novel idea stuck in my head.
So I'm wondering if I should push through my rewrite, or take a break and write this shorter fresher idea first. What do you think?
And I'm sorry to bend your ears like this, but I needed to vent.
Thanks.
B

Yeah. Unfortunately I've got a stubborn 'don't start something else until you've finished your first project streak'. And I'd feel bad not writing my original novel.
But...
It's been four blooming years since I wrote the start of the first version. And I'm sick to death (for the moment) of questing fantasy! With monsters!
So maybe you're right. (Sighs)

Just a little update on this. I took your advice, and set aside the rewrite to start on the new novel Saturday last (the 16th). Now I'm eight chapters into the novel and absolutely loving it. My writer's blues are gone! It's fantastic!
And the best thing is, I think what I'm writing is some of the best work I've written yet. It's more fresh and original and interesting than my old novel.
. Don't mind me, I'm just going to smile and hum to myself in this corner for a bit...

Writing by hand was caused by necessity more than preference. I was leading a very busy life at the time (still am, actually) and the only free time I got, was while travelling to and from my college. At the time I was too poor to afford a Laptop, so pen and paper was the only way I could go.
Your hand does cramp up after a while, and it took ages to get the blue ink stains off my palm (left handed).

Make what one big novel? The trilogy?
Um - well, I could, but it would be about the size of LOTR and there's approx. 30-40 years between books. The first (or the rewrite of the first) is promising to be about 160 - 200 thousand words long. The second is 160, and the third could be any length from 140-200. So... it would be a very long book.
I hope to cut them down a bit, but they'll probably still be about 120-140,000 words long each.
Actually, I'm enjoying writing a short book for a change. Epic-length novels were getting tiring.