  In order to address the issues raised by the recent discovery of
non-uniqueness of black holes in five dimensions, we construct a solution of
string theory at low energies describing a five-dimensional spinning black ring
with three charges that can be interpreted as D1-brane, D5-brane, and momentum
charges. The solution possesses closed timelike curves (CTCs) and other
pathologies, whose origin we clarify. These pathologies can be avoided by
setting any one of the charges, e.g. the momentum, to zero. We argue that the
D1-D5-charged black ring, lifted to six dimensions, describes the thermal
excitation of a supersymmetric D1-D5 supertube, which is in the same U-duality
class as the D0-F1 supertube. We explain how the stringy microscopic
description of the D1-D5 system distinguishes between a spherical black hole
and a black ring with the same asymptotic charges, and therefore provides a
(partial) resolution of the non-uniqueness of black holes in five dimensions.
