i first came across a puzzle ring about a year ago, when i saw it on the finger of a friend who got one from NZ (i think). after fiddling with it for some time, i managed to figure out a solution, though it was neither all that elegant nor easily reproducible...
noticed that same friend playing with it yesterday afternoon, and thought i'd give it another go. to my increasing frustration, i could not recall the solution, and wasn't getting anywhere close to rediscovering it. even after seeing her solve it (very quick when you know how) twice, i still couldn't catch it.
been playing with it off an on all night (some of the people i had dinner with also gave it a go), and i'm as stuck as i was when i began. finally, i called on my old friend google - and was quite surprised at the variety of Puzzle Rings that you can get!
anyways i'm happy enough to solve the one i've borrowed (i don't think she realises i took it home with me :p), using this better illustrated solution.