Style Mood Ring
A look at what is currently available on eBay
 2 Style DOLPHIN MOOD RING - New & Sealed US $5.77 
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 2 Style Smaller DOLPHIN MOOD RING - New & Sealed US $5.77
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 NEW LACEY VINTAGE STYLE ADJUSTSTABLE OVAL MOOD RING US $3.97
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 2 Style DOLPHIN Swirl Design Mood Ring - Adjustable NEW US $5.77
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 Holiday Mood Ring Variety of Styles US $3.50
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 Child / Children's LADYBIRD on Leaf Style MOOD RING -- Changes Colour NEW US $5.53
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Can you wear both studs and rings in your lip?
I had my lip pierced two years ago and rings put in. The piercer told me that lip piercings are done differently somehow depending on whether you want a stud or a ring, and that the placement is different so that the jewlery does not damage your teeth.
Needless to say, it's been 2 years and I'm in the mood for a change. Are studs not an availabe option for me, or can I alternate between the two styles of jewlery? I want to know this before I go spend money on studs. Thank you!
If its a standard lip ring, yes you can wear both. However, its not a 'stud' like you would put in your ears.
Most piercers seem to prefer with the 'ring' (its a captive ring) is because it tends to have a little more give during the healing process.
If you want to wear the 'stud', go to your local shop and have them find the right size for your lip so it doesnt stick out too much.
Examples:
http://body-piercing.jumora.net/lip-piercing/gauge-labret.html
http://body-piercing.jumora.net/labrets/labret-14ga-half-ball-acrylic.html
http://body-piercing.jumora.net/img/b2394.jpg
good luck 
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