Sauron, who thought that he might for shoot for something a bit more reasonable than a ring which controlled the universe. He's actually better than you might expect for someone with his slight build.
Gandolf said to his hobbit companion,"Remember, Frodo, the ring wants to find it's owner. The Lord of the Dance does not need a ring, but a rhythm, and has since before Wizards came to this land."
Frodo was by now sleeping in Gandolf's lap, I'm afraid, and dreaming of the perverted little stunts he could do when he got back to the Shire. He could give two tiny dukes what Sauron was doing.