It's back: I put the ring on and jump up and down, flapping my arms,

What to do, to prevent discovery of a magic ring turn into a 10 minute random-activity slapstick comedy show as experienced players go through a guesswork routine aimed at all the well-known items?

Roll with it, because it's part of D&D?

Limit such player activity? E.g. one in-character guess per PC?

House-rule out this method of identification?

Homebrew in some in-character clues for what an item does (e.g. an "Air" rune on the ring of flying)

(I'd probably do the latter two, and let the PCs keep their dignity - no bird impressions, please!).