The cycle current is a crucial quantity in stochastic thermodynamics. The absolute and net cycle currents of a Markovian system can be defined in the loop-erased (LE) or spanning tree (ST) manner. Here we make a comparative study between the large deviations and fluctuation theorems for LE and ST currents, i.e., cycle currents defined in the LE and ST manners. First, we derive the exact joint distribution and large deviation rate function for the LE currents of a system with a cyclic topology and also obtain the exact rate function for the ST currents of a general system. The relationship between the rate functions for LE and ST currents is clarified and the analytical results are applied to examine the fluctuations in the product rate of a three-step reversible enzyme reaction. Furthermore, we examine various types of fluctuation theorems satisfied by LE and ST currents and clarify their ranges of applicability. We show that both the absolute and net LE currents satisfy the strong form of all types of fluctuation theorems. In contrast, the absolute ST currents do not satisfy fluctuation theorems, while the net ST currents only satisfy the weak form of fluctuation theorems under the periodic boundary condition. Finally, the fluctuation theorems for cycle currents are applied to study the fluctuations in entropy production along a single stochastic trajectory.