The Collaborative International Dictionary of English v.0.48:

Exhilarating \Ex*hil"a*ra`ting\, a.
   That exhilarates; cheering; gladdening. --
   Ex*hil"a*ra`ting*ly, adv.
   [1913 Webster]

WordNet (r) 3.0 (2006):

exhilarating
    adj 1: making lively and cheerful; "the exhilarating effect of
           mountain air" [syn: exhilarating, stimulating]
    2: making lively and joyful [syn: elating, exhilarating]

Moby Thesaurus II by Grady Ward, 1.0:

96 Moby Thesaurus words for "exhilarating":
   activating, agitating, animating, animative, bracing, breathtaking,
   brisk, charged, cheerful, cheering, cheery, cliff-hanging,
   comforting, cordial, crisp, crispy, delightful, disquieting,
   distracting, disturbing, elating, electric, elevating, encouraging,
   energizing, enlivening, exciting, exhilarative, fortifying, fresh,
   galvanic, glad, gladdening, good, happy, heady, heart-expanding,
   heart-stirring, heart-swelling, heart-thrilling, heart-warming,
   heartening, impressive, inflammatory, infusive, inspirational,
   inspiring, inspiriting, intoxicating, invigorating, invigorative,
   jarring, jolting, joyful, maddening, mind-blowing, moving,
   overcoming, overmastering, overpowering, overwhelming, perturbing,
   piquant, provocative, provoking, quickening, ravishing, reassuring,
   refreshful, refreshing, regaling, rejuvenating, restorative,
   rousing, soul-stirring, spirit-stirring, stimulating, stimulative,
   stirring, striking, suspenseful, suspensive, tantalizing, telling,
   thrilling, thrilly, tonic, troubling, unsettling, uplifting,
   upsetting, viable, vitalizing, vivifying, zestful, zesty