To me, the round one is better than the oval one. Definitely a possibility - just a single 'O' - nice a simple.

I agree with kussaka that different colours might be helpful.

I have to say that I think the multiple rings and the aura around and shades are distracting. How about adding a texture, rather?  Here is an idea: Try to make it like an 'O' out of rope. Yes, take the NXT 'rope' texture and bend it into a circle.  Anyone?

Pentamon