Okay, so let's see if MetaCreator's math is right. The effect is Creo Ignem, base 5 ("Create light as bright as direct sunlight on a clear day"), with a R: Personal (since the light creating is coming out of the ring), D: Concentration +1, T: Individual, for a final Effect Level of 10.
It's going to be a Lesser Device, made of a single piece of jade (or multiple pieces melded together) with a lamp design engraved where the stone would be. Semi-precious stone, Tiny size, for a capacity of 12 pawns of vis total, if we were going to open it for investment.
The enchantment is going to be usable six times a day (+3), with no other modifiers, for a final Enchantment Level of 13.
Her Lab Total is Int 1 + Cr 10 + Ig 17 + MT (Ignem) 4 + Aura 5 + S&M Bonus for the lamp of 7 + Lab Bonus 2 = 46. If her LT were 52, then she could make two of the rings in a single season. Erm...I had mis-remembered the Experimentation rules (must be from playing too many magi with Inventive Genius). Getting a 6+ on a simple die roll is kinda chancy. So...she's going to go bonkers with it, and add a +3 Risk Modifier. That gets her LT to 49 + a simple die roll. Here's hoping Invisible Castle likes me today. Got a die roll of 8, for a final Lab Total of 57. Booyah!
Now, the Extraordinary Result for Ring #1. Risk Modifier 3 + die roll of 2 = 5. Side effect: "Your magical creation acquires a side effect. Roll a simple die, and work out the specifics with the storyguide." Die roll is 10, which will be either absolutely horrid or totally awesome. "The spell has a fatal flaw. For example, an invisibility spell makes you glow."...so, absolutely horrid it is, then. Perhaps it produces the light, but it also feels as though it were on fire?
Extraordinary Result for Ring #2. 3 + (die roll of 0, followed by a confirmed botch on the normal Botch Die for experimenting, but none due to her Exceptional Risk). So...Disaster. Disaster roll is Risk Modifier 3 – Per 0 + die roll of 3 = 6: "Explosion! Your lab equipment is ruined, and you must roll a simple die for each valuble possession you keep in your lab. On a 0, it is destroyed. You take an amount of damage equal to a simple die + the level of the spell or effect you were working on." Oh, man, this is going to suck big-time.