Flavor Flav has a dilemma -- he loves fireworks, he hates jail, but he REALLY wants to throw another insane 4th of July party next year ... despite the warning he got from police.
Flav dodged a bullet earlier this week ... when the Las Vegas PD shut down the incredibly awesome, incredibly illegal homemade fireworks display in front of the rapper's home ... and let Flav off with a warning.
Despite the close call, Flav tells TMZ ... he vows to throw ANOTHER explosive rager in 2013 ... explaining, "There's a way you do it with respect ... If I don't follow their rules I can go to jail ... so I'll be more careful next year."
Fun Fact -- Flav says he dropped a couple grand on the fireworks display this year ... but says it was worth it to see the entire neighborhood come together. In fact, he says everyone pitched in the next day to clean up the mess.