Sauron doesn't go after the Ring personally because he is afraid, and he has minions to do his biding. After his fall against the last allience he will not take up battle personally. It was a miracle he came out and fought there too and an even bigger one that the ring was even cut off his finger.
After his fall in the war of the ring his spirit does still exist though it is very weak and never able to regain his strength.
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Keeper of the site Ring Lord.
"Dangerous!" cried Gandalf. "And so am I, very dangerous: more dangerous than anything you will ever meet, unless you are brought alive before the seat of the Dark Lord."
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