Comes from the term 'ring' (the asshole), and combines it with -master. Directly related to 'assmaster'.
A derogatory term in which you would refer to somebody if they are a homosexual, or Joshua O'Nial.
Josh: No, you're gay.
Jono: Fuck up you dirty ringmaster.
Person 1: Why is that kid riding a scooter?
Person 2: He's probably going to grow up to be a ringmaster.