This paper presents a circuit-theoretic analysis of a NbO2-Mott memristor fabricated at Hewlett-Packard Labs. It investigates mechanisms behind the origin of complexity based on local activity, which characterizes the behavior of this outstanding nanodevice. We propose an accurate, particularly simplified version of a recently introduced physical model suitable for large-scale circuit simulations. Following the concept of local activity, we then conduct a small-signal circuit-theoretic derivation of the impedance and associated small-signal equivalent circuit elements to analyze device stability and frequency response. Finally, our analysis reveals locally active operating regions, as well as regions where the device dynamics are positioned on the edge of chaos. The latter regions are crucial for designing bio-inspired computing systems.