As all of us who have read Silmarillion know, Sauron wasn't the original "Lord of Darkness". In fact, he is a much lesser, and later, one. Melkor (AKA "Morgoth") was the original. Knowing this, it's almost difficult to take Sauron seriously, since he wasn't one of the original beings from the very beginning.
I was always confused as to why Tolkien had Sauron create The One ring, rather than Melkor. If Melkor had made it, at least this would explain why Sauron doesn't just take a short stroll to his nearby Mount Doom and forge a new ring instead of bothering searching for elusive hobbits all over the world.
Since Melkor is banished into some sort of "empty black void" for eternity, that explains why he cannot make another ring (or do anything else). But Sauron can, unless I have missed some detail explaining why this is not possible.
This new ring could be at least equal or (more likely) more powerful than the first.
Yet he doesn't. Why?