There are several events in ULTIMA server but the PGF event only drops once a year and you recently just missed it :/... ( every last week of december it drops from olga flow and only in that month ). Sorry buddy wait until next year or buy it from someone / donate to server ($65), but the Red Ring drops for whitill ID I believe at a 1/67 drop rate .
*Right now x2 experience but there is sometimes EXP events and it changes to x5 for a week or so.
*Rare monster events, ( when everyone's names turn green colored in lobby ), rare monsters appear more.
*Random GM events whenever they choose too and they pick out the prize/equip/item/stuff for the people that participate in it and win.
*Nakas Cards Event to put specials on S-Rank weapons. ( when everyone's names turn purple in lobby ), but purple names could also be dropping something else just keep up to date on the forums and you'll be good!
Any other questions? just post here.