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It is a definate fact Saruman did make a ring. In his study of Sauron, and Saruman himself was a great studier in the 3 elven-rings. He did make a ring in an attempt to create a ring of power, like the 9-7-3-or 1.
We have no evidence supporting whether this ring had a lot of power or not. If you ask me it didn't help him get thrown out of the council, didn't help him in anything good with the Shire, so it definately wasn't as powerful as the other rings of power, but it still could have had some power in it, who knows.
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