If you want to reduce or change the friction on the ring you can try the following:
1. Unscrew and remove the battery tube.
2. Unscrew and remove the bezel, lens, reflector and plastic isolator. When unscrewing the bezel grip the bezel and the part of the light directly below the bezel. Those are the parts that need to turn in opposite directions. Do not grip below the control ring or you may break the driver wires and destroy the driver if the wrong part turns!
3. Using a soldering iron, desolder the driver wires from the star with the LED on it. To help protect the LED you may also want to remove the star.
4. On the back of the head, use a very small screwdriver to unscrew the driver retainer screw. Then lift out and completely remove the driver.
5. using two strap wrenches or rubber jawed pliers, Firmly grip the top of the head above the ring, and the part of the head immediately below the ring, then turn and unscrew them from eachother. I didn't have either so ended up using two regular pliers insulated with gaffers tape and rubber bands. It worked, but slipped and caused some damage to the anodizing so I don't recommend that. However, you can make rubber jawed pliers with some rubber indoor stairway grip tape applied to the jaws of regular pliers. The threads are sealed with threadlocker so it will take considerable force to unscrew.
6. Lift out the ring: Take note of the tiny spring and ball-bearing so they don't get lost. If you remove them make sure to reinsert them before reassembling.
7. With the ring removed, you can now add more lubricant to the inside and sides of the ring or clean off and remove the old lubricant. When I did this with my light, I squirted in some teflon lubricant on top of the existing lubricant. This got rid of the metal grinding feel of the stock lubricant and made for much smoother and quieter operation.
8. After relubricating, reinstall the ring and reassemble the two halves of the head. Before reinstalling the electronics, test the ring to verify that it's new tension is satisfactory.
Notes:
1. Same procedure above also works for the Niteye EYE10 and Jetbeam TCR01. If you don't like the extra detentes on the Niteye I suspect you could probably clean out the detentes on the side of the ring-slot and fill some of them in with epoxy.
2. Always remove the driver before unscrewing the ring on these lights. If you try to remove the ring first you'll torque off the driver wires. The driver is a double-decker PCB with the driver wires soldered in the middle... this makes it almost impossible to replace the driver wires if you damage them so take care.