In this paper, we present the characterization of the Ring oscillator for submicron technology in terms of the first order design equations of the MOSFETs, and we arrive at the extent upto which the short channel effects influence the oscillating frequency. In addition, a solution is suggested to reduce the duration of metastability upto 50%. The Ring oscillator is designed from 3-stage till 15-stage, and the circuit simulations are performed, with the oscillation frequencies ranging from 1.03 GHz till 5.38 GHz. Additional observations are noted by varying the device widths and lengths. It is found that the frequency of operation is independent of the device width, and is inversely proportional to the square of the device length. As a result, the equation derived using the first order behavior can be utilized for obtaining the frequency of the Ring oscillator circuits in general, by including an empirical constant.