In my opinion, Sauron even without the ring has the enormous advantage of having a bigger and unlimited power (he was one of the most powerful of the Maiar and at the begining of the Second Age personally more powerful than Morgoth himself which is some serious thing), while Olorin even in the less restrained White version would need the ring to have about a 50/50 (at best) to destroy Sauron.
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You have reached the end of the road, my beloved enemy. The bad thing is that I reached it first.
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