Edit for AE: Unlike in SE, the ring seems to show up after the first crouch/standup motion after first equipping. Don't know why, I only played the Update for 30 minutes.
(They got me - again - with the latest Steam Update.)

New optional file that adds soft negative light while sneaking, instead of dim light when not sneaking. Fits better IMO.
Under certain condidions (ENB + ??) this negative light will show as "bright" light instead of "dark" light (without ENB). It still drops your lightlevel.
Confirmed with Detect Light Level. Hey, at least you won't see a Burning Eye or the true form of Nazguls.

This is merely a playable proof of concept for existing but underappreciated effects:
- Items using Hitart effects instead of bodyslots to be visible on characters.
- Conditions instead of scripts to switch something, may it be a sneaking/nonsneaking or a male/female distinction.

Hitarts (afaik) were used first 2013 by Anano, so it's not really new. But even the mods that ported his Nabee did (for whatever reason) switch back to bodyslots.
I have seen it utilized in Quick Lights, but not much more.

Quick Light could be enven improved by using conditions to differentiate between male and female.
Females (at least UNP that I use) need to have the lanterns set 2 or 3 units nearer to the pelvis bone to prevent clipping/floating lanterns in the different sexes.

Hitarts work correct for everything not skinned, so you could add a bookcase to your upper spine bone as backpack.
Normal outfits would show up but stay unanimated in T-Pose. Does not look good.
So far I have tried rings, lanterns (QwibQwib's and Phitt's) and my own version of swarming (Mini)Nabees.
But You could put an apple on top of your head, an KF animated parrot on your shoulder (oh, has been done, or was that TES3?) or whatever you want.
It's all about positioning.
And yes, there will be clipping if you use all versions of lanterns at the same time. Skyrim blocks using the same item more than once, but not similar items.
(Left side five nabees and Phitt's Lantern, right side after release of the sixth, the sneaky Dark Nabee. Maybe the effect is over the top, because without ENB there is a big. black puddle around her feet. No scripts! But unfortunately I didn't find a solution for their weird "air ballet" behavior after reload, other than changing a bazillion kfs.)

Stats of the ring? Oh, almost forgot. Gameplay relevant part first:
15% speedboost.
15% fortify sneak. (Almost lorefriendly so far.)
Chamaeleon effect only if sneaking.  (Duplicated and altered ghostveil.)
5000% fortify sneak only if sneaking. ((Over)Compensating for missing invisibility.)
Dim light only if not sneaking. 3 points up for your lightlevel, but still of use for sneaky characters. (Not lorefriendly, but who knows what the ring experienced since the last era. And yeah, proof of concept.) Optional 3 points down when sneaking.

No invisibility because I did not like to look at my characters teeth after being hit with a shader.
Thats the reason why I added an (only cosmetic) shaderstopper efffect, which makes up most of the rings monetary value of 10000 gold.
Obviously not enough, because if you walk up to the wrong lightsource shaders pop in again. Skyrim.

Then the ring got some ENB particles for a decent cosmetic glow, but that depends mostly on your own settings. Only visible in third person view.
Bethesda surely knows about ENB, but they can't sell it, so they just ignore it.


Credits:
murazzzz for Z Shadow Cloak - Lesser Power, which gave me the idea to use IsSneaking conditions.
johnwayne1930 and Snfkin for the idea of using a legendary ring that got buried in the Skyrim BSAs.
EagleBirdman for Detect Light Level.
Rudy102 and Powerofthree for their work on ENB lights and sharing their knowledge. The ring wouldn't glow without that.
Last but not least Anano for the Nabee in his Osare Culort Outfit. The first non-weapon item I encoutered that used this system.