Your issue sounds purely like a optical issue; Either the sensor lens is dirty, use a q-tip to clean it out after blowing off loose particles, or the mousing surface is too reflective, is it cloth or plastic?

Try using a plain t-shirt draped over your mouse pad and see what happens.... also try a piece of binder paper, some plain white printer paper etc.. test different surfaces..

Refraction off the surface of something shiny/clear back into to the sensor will caus an exeggerated movement response.

I don't know what else it could be unless you added another driver/usb device recently that might change the USB resonse?

Only thing I can suggest is looking through some of the google search results for "laser mouse pointer jumping around"

I couldn't find anything specific to issues when lifting the mouse but I know it does happen, I remember my brothers mouse did this when lifting and repositioning, it had to do with the mouse pad.. I think his was a death adder? I do hope that your mouse is not failing, and it's something simple that you can fix, good luck with it... If you find a solution can you post what you found?