A theoretical analysis of spontaneous electrorotation of deformable fluid drops in a DC electric field is presented with a 2D electrohydrodynamic model. The fluids in the system are assumed to be leaky dielectric and Newtonian. If the rotating flow is dominant over the cellular convection type of electrohydrodynamic flow, closed-form solutions for drops of small deformations can be obtained. Because the governing equations are in general nonlinear even when drop deformations are ignored, the general solution for even undeformed drop takes a form of infinite series and can only be evaluated by numerical means. Both closed-form solutions for special cases and numerical solutions for more general cases are obtained here to describe steady-state field variables and first-order drop deformations. In a DC electric field of strength beyond the threshold value, spontaneous electrorotation of a drop is shown to occur when charge relaxation in the surrounding fluid is faster than the fluid inside the drop. With increasing the strength of the applied electric field from the threshold for onset of electrorotation, the axis of drop contraction deviates from from that of the applied electric field in the direction of the rotating flow with an angle increasing with the field strength.