Hi,
I have been giving this some thought and if you don't mind looking a bit of an idiot, now you've got a puppy you will get used to it, here is my suggestion!
It is a natural way for your pup to show enthusiasm and excitement BUT in a pet situation you have to make it clear that it is not tolerable and you don't share her enjoyment of the habit. As soon as she jumps up to nip, and with alittle practice you will be able to avoid the nip, say, "Ow!". This has to be fairly loud. As you say this and before she has time to even land properly turn around and walk swiftly for ten paces. Stop, giving her no eye contact and no attention. Wait for ten seconds and then call her name to get her attention and carry on with your walk. If she walks properly for fifteen paces say her name very calmly and then, "Good girl." As soon as she jumps up to nip repeat. If you choose this method remember you have to follow the same pattern every time she jumps so she will learn that a negative reaction is the only thing that nipping achieves. Hope this helps.