Sauron's first demise.

[Galorme]

I am sorry am I missing something here. I swear Sauron HAD made the ring at the time of the downfall. I cant think of a timeline with dates, but i can think up a few quotes, or near quotes that support it.

Sauron put on his Fairest form and came to the elves, naming himself Arator [sp?], giver of gifts

His spirit fled, but never again could he apear fair

The suggestion here is that he must have come to the elves before he lost his ability to apear fair, thus making the Ring first. But i believe he could have survived anyway really, he was a powerful spirit who wouldn't loose that much power through loosing his body.