ey
i found out how to make a burnout in pgr without driving forward or making circles,
this is what you do: choose a car (preferably one from the pacific muscle series, like subaru impreza or the skyline), when standing still, hit and keep full throttle, brake 80% and then decrease your brake power untill you will be making a burnout.
btw. you cant do it with all cars, but cars from pacifif and american muscle will defenitely work.
i dont know if any of you has already discovered this, but i think it's pretty cool.

now, once you get that down, try it in reverse by swapping the brake with the accelerator (in an auto tranny). if u are using manual, i believe (haven't ever tried though) that you could simply use the same method as what the other guy posted only while in reverse instead of first gear.