Professor I E Jit here,
Let me break it down:
There is a damp ring with a cycling connotation.
To further extrapolate this damp ring is relevant while cycling
The way the problem was presented was designed to make us think of peanuts and such and put us off the track
A bicycle is based on rings - wheels - cogs etc
So in my learned opinion the 'ring' part is something to do with a bell
Amirite