This is the problem with trying to diagnose things on the web
That does not sound like surging to me, it is cycling way too quickly.
It really sound like a bad plug or a magneto problem.
Surging happens because the air fuel ratio is too lean to maintain a constant speed
This causes it to slow down so the governor allows the throttle to open up, the sudden gulp of fuel causes the engine to speed up then the governor closes the throttle butterfly to the spot that should allow the engine to run at a constant speed , which it can not because the air: fuel ratio is too lean and the cycle continues .
This is most obvious by looking at the governor arm which will be moving back & forth .
Get an orange in line spark tester and hook it up to the engine.
start the mower then put your finger on the governor to stop it cycling
Slowly increase the speed while watching the tester.
IF the tester does not flash in time with the engine miss you have a wiring / magneto problem
If the tester shows a constant uninterupted glow then change the plug.
On the subject of plugs, what are you using in the engine ?