That's odd. It should say Select, not Edit.
The only thing I can find that says Edit is the Collections list that you get when tapping the All Books (or Books, or PDF's) in at the top center of the screen.
The place where Select button shows can spend a considerable amount of time spinning, as it tries to find All your books, especially if you're really showing All books and have a large library.
Try going to Settings > iBooks and turning off Online Content. That should keep iBooks from looking in the iBooks Store for those books you've purchased, but not downloaded to the device.
Restart the device after changing the settings, so the iBooks will get a clean restart instead of trying to continue where it left off.
At the very least it will let us know if the problem is with the locally stored library, or a matter of accessing the iBook Store servers.