After reading what people had to say and realizing that it could also be the space cheerio, I decided to conduct a test. In my favourite 3D program I modeled the planets and two rings over the control room picture (Proportional Modeling).
Then I used a frame from the movie where the planet was visible and moved the camera away from the planet and then the moon until they each matched the movie's planet's size. (Scene Overview)
Then I changed to an overhead view and drew a circle around the planets at the same distance that the camera would have been to see the planet being the size in the movie. (Proportional Orbits)
Now if we are looking at either the planet or the moon, it HAS to be from one of those camera orbits. As it turns out The demented space cheerio is along one of the camera orbits while the giant ring does not. We are definately looking at the Gas Giant/Star from the Cheerio at the Lagrangian Point.
This makes me think that James Lanfear, Chris Butcher and Martin Thorne are correct in their theories about the outside ring being a close-up of the cheerio.
But I did however notice something else that bugged me. While Watching the movie I noticed the position of the planet in relation to the ring. As you can see in Ring Axis, the planet is beside you, not behind the ring like it should be.
So the ring is rotating along the wrong axis. (Ring Axis 2) Both the controlroom and my limited grasp of physics tells me that the ring should be horizontal between the two planets, not vertical like it seems in the movie...
Ring Axis 2