Although it may have taken him a while, Saruman would have been able to master the ring and in that would have overthrown Sauron. Having mastered hte ring he would have been able to take control of Sauron's forces, including the nazgul and would have defeated the forces of good. The result would have been the same as if Sauron had regained the ring except the power would have been in Isenguard not Mordor.
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His sword was long his lance was keen
His shining helm afar was seen
The countless stars of heavens field
Were mirrored in his silver shield
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