  We study macroscopic properties of a system of weakly interacting neutral
bosons confined in a ring-shaped potential with a Josephson junction. We derive
an effective low energy action for this system and evaluate its properties. In
particular we find that the system possesses a set of metastable
current-carrying states and evaluate the rates of transitions between these
states due to macroscopic quantum tunneling. Finally we discuss signatures of
different metastable states in the time-of-flight images and argue that the
effect is observable within currently available experimental technique.
