Was Saruman a Ring-bearer?

[Valandil]

While scanning pages, I noticed something I didn't remember from before. At the Council of Elrond, when Gandalf is recounting his last 'meeting' with Saruman, he tells how Saruman came down the stair to meet him. At the end of that paragraph, he says; "He wore a ring on his finger."

Now... why does Gandalf mention this? Why does Tolkien mention it? Was this some kind of 'Ring of Power'? Here are some possibilities that come to mind:

* Had Saruman attempted to make Rings of Power himself (or at least one?)?
* Did Sauron give Saruman a Ring... maybe one of the Nine? One of the Seven? Did it aid in controlling the orcs and doing some of the other works Saruman did at Orthanc?
* Was it a 'lesser ring'? An 'Elven Ring' or magic ring of some kind that wasn't one of the 'Twenty'?

OR...

* Was Saruman secretly engaged or married?