Oh! Sorry about missing that. Unforutnately yeah, that definitely sounds like it's rejecting. It might have started rejecting due to being changed to a ring. It's possible ossible it started earlier, but if it wasn't causing any problems until now it's likely. The main reason for that is the eyebrow is technically a surface piercing and the barbell tends to be a much better fit for the location. Obviously this isn't a 100% blanket for everyone, but in general rings are usually a bad idea for a eyebrow.
You can either leave it in and hope the rejection stops (entirely possible) or you can remove it now, let it heal up for a few weeks and get it repierced if you like.
If you opt to try and keep it, just be tender with it and don't spin the ring if you can avoid it. If it starts shwoing any visible signs of irritation like being red around the holes or it starts itching, it's probably time to let it go.