Mini Horseshoe Puzzle

It looks impossible to remove the ring from the chain attached to horse shoes but it's not. Manipulate the apparatus until you figure it out. Once you remove it, you have to put it back in place! 
Metal puzzle measure approximately 6 1/4" long. Solution is NOT supplied. Why not?  Because this is a  puzzle and it is meant to be solved by manipulating the parts. Once removed, you will have to reverse it and get the ring back on. Difficulty Level : Beginner.