I see you've bought the MSM line of dogsh*t hook, line, and sinker.
Every pit bull is dangerous. It's not the dog's fault, I will grant you, it's the way people have developed the breed, through both training and breeding for fierceness. While it is possible that an individual pit bull, well-trained, might be reasonably gentle, one can never have any confidence in the breed's good behavior. There are many, many breeds of dogs whose behavior is far more reliable.
I'll admit my reaction is somewhat emotional. I was badly bitten by a loose dog that approached me (not me approaching the dog) as a small child and bit me out of nowhere, and it was more than a decade before I could be comfortable around dogs, and 30 years before I could own one. I love dogs, but not dangerous breeds.
So, if I'm really relfecting on the questions, it seems to me that if the breed is not exterminated, then it needs to be a strict liability felony to let one loose (no matter how it got loose: you own one and it's up to you to secure it - no matter how hard you try to secure it, if it gets loose, you're liable -- it's a risk you assume when you decide to own one) and, if your loose pit bull injures another person or even an animal, you should be guilty simpliciter of a strict liability felony that puts them a way for several years, and be subject crippling civil liabilty up to taking everything they have. Again, assumption of risk - you have a dangerous animal, and if the animal causes harm, you pay and pay enough to give you and everyone else pause. In fact, I'd make anyone who wanted to own a pit bull read the penalties and sign a notarized statement that he understood his responsibilities and the liability if he failed to meet them.