Repeal with one or two rings? (6)

I believe the answer is:

annuli

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'two rings?' is the definition.
'annuli' can be an answer for 'rings?' (plural of annulus - 'annulus' means a ring). I'm unsure of the 'two' bit.

'repeal with one' is the wordplay.
'repeal' becomes 'annul' (synonyms).
'with' means one lot of letters go next to another.
'one' becomes 'i' (Roman numeral).
'annul'+'i'='ANNULI'

'or' is the link.

Can you help me to learn more?

(Other definitions for annuli that I've seen before include "Areas between two concentric circles" , "Ring-shaped objects" , "round these parts" .)

I've seen this clue in the Sydney Morning Herald.

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