Dynamic Meshes are OK, but can be very processor-intensive. And because it's a ring, you can't use a convex hull which is far more efficient.
To make it from a few rigid body boxes, you would simply create standard boxes, attach them to rigid bodies which are in turn jointed with static joints. Then, you would hide the DB Pro primitives, and programatically follow one of the boxes with your ring model.
I made a catapult this way. The "cup" of the catapult was made from 5 hidden boxes. I think I also glued the actual catapult cup to one of the hidden boxes to make the process easier.