Hey ISign!
Go for intern.
I was an intern over the summer (now a GSTL) and will move into an ETL position once I graduate in May.
However, there is a TL "on-the-bench" at my store, who really wants to move up into ETL once he is done with school next year. He wants to go for the intern position, but I guess there is an extra process and paperwork for him to do so. My advice: don't do it.
You can intern as a junior and then become an "advanced" intern as a senior. I was in a store with an advanced intern, and she was given much more responsibility and projects since she was a 2nd year intern. If you are looking for work between the summers, some stores (like mine) will take you on as an extended intern or move you into a TL position (like me).
Apply now and if your school has a job fair and Target recruits there... GO. If you get interviewed, be fully prepared to explain why you left Target and why you want to go back. One of my other friends applied for an ETL at the job fair at my school few weeks ago. He was a former Tm and was declined after the first interview... The interviewer asked many questions about why he left, etc. If you left because of performance issues, again, be fully prepared to explain.
If you have any further questions, let me know.
Edit:
And remember this, the internship is intended for those without previous managerial experience. While I did have some supervisory and retail experience (worked with another retailer since I was 17!), most of the interns did not.
And as an accounting major, you may want the accounting experience in the future in case you don't like the retail world. So stick with your current job, go for internship, and go from there.
And hey, that internship looks good on a resume anyways... Especially with the community service opportunities they give you. I've actually had a couple companies reach out to me via LinkedIn about opportunities more in-line with my a major!