To find the kinetic energy (KE) of an orbiting body, both the formulas 1/2mv^2 and 1/2Gm1m2/r can be used, depending on convenience. In a circular orbit, gravitational force acts as the centripetal force, leading to the relationship mv^2/r = GMm/r^2. This simplifies to 0.5mv^2 = 0.5GMm/r, indicating that kinetic energy can be derived from gravitational potential energy (GPE). The total energy of the orbiting body is expressed as KE + GPE = -0.5GMm/r, highlighting the interplay between these two forms of energy in orbital mechanics. Understanding these relationships is crucial for solving problems related to gravitational systems.