As the rotator is turned, the ring will initially spin about a diameter.  As the angular speed increases, the spin axis will change to that with the maximum moment of inertia which passes through the center of mass.  Do the same with a rod or disk.  A loop of chain will form a circle and spin like a lariat, as shown above.

Spin slowly at first or the string will twist.

These can all be done by hand, without the rotator.