I assume you're already using a rubber bung or something similar to try and remove the ring.
There are four options:
1.) You can try using a small thin strip of double-sided tape (really sticky type) between the ring and the rubber bung. This is the safest method.
2.) There's a chance that something like Locktite has been used, in which case you can try heating the ring gently using a hairdryer to loosen the cement. Do not overheat! Do not subject the lens to sudden change in temperature as there's a chance that the glass will crack.
3.) Small amount of solvent like ethanol seeped into the thread area may help to dissolve the cement. However, be very careful not to use harsh solvents like acetone or paint remover. Once you use this method, you'll want to make sure to remove the ring so that you can clean up any excess solvent that may have entered into the lens assembly.
4.) As a last resort, you can drill two small holes in the ring and use a caliper-like tool to remove the ring.
DISCLAIMER: Use the above information at your own risk. Whilst I have used these techniques with great success, I can not guarantee that you'll succeed and I will not be held responsible should you damage the lens or cause harm to yourself or your surroundings.
BE ESPECIALLY CAREFUL IN USING HEAT NEAR SOLVENTS!
NOTE: Some lenses require partial dis-assembly before vanity/dress ring can be removed. e.g. K50/1.2, A50/1.2 etc. Actually, these do not have vanity/dress ring. The inscriptions are engraved on to the retaining ring of the front element. Attempting to forcibly remove the ring without first dis-assembling the lens will result in damage, so be careful.
Last edited by tom1803; 10-24-2012 at 05:56 AM.
Reason: Added some more information.