Phoenix Ring: Enchanted ring of the Phoenix.
Stat Bonus: +60 HP, +60 MP, +6 SPD, +6 DEX
Fame Bonus: 5%
Phoenix Reborn at a rate of 0.003 (0.3% or ~1/333)
The Phoenix Ring is an interesting specimen. It is rare due to it dropping from the Phoenix Lord, an enemy rarely fought in Nilly's Realm outside of Oryx's Arena, the stats used to be much more powerful at +10 Speed, +10 Dexterity, +50 HP, and +50 MP. It was quickly nerfed, so it seems, as it was given a few more HP and MP in return for toning down the stand-out speed and dexterity values.
Despite that, it is the direct upgrade of the Ring of the Nile with an additional 2 Speed and Dexterity, but even so, the amount of time to farm for this or the wand that drops from the same mob is not worth hunting for. Unless one feels comfortable with the bonuses of a Nile, one will like this too.