After the first pass is made, raise the router bit and spin the Perfect Circle counter clockwise. This will help keep the electrical cord from getting too twisted up. Adjust the depth stop to cut another 11/44" (11/42" total) and make another spin. Making all passes in the same direction will help make a cleaner cut.
At this point, you should have your perfect ring. You can use a piece of 80-grit sandpaper to clean up the edges if necessary. Although it may seem like a lot of steps to make a simple ring, this technique becomes quite simple with practice and the accurate and repeatable results are awesome.