The lady in Bret Michaels' life has a little extra bling on her ring finger these days. But it's not what you think.

"No, we are not engaged yet, it's a work in progress," the death-defying Poison rocker told the CBS Early Show this morning, shooting down a report in Star magazine. "She has a beautiful promise ring—it's a promise ring, or a friendship ring, with benefits. That's what we call it. But yes, is it a work in progress? Absolutely."

As for the lady in question, Kristi Lynn Gibson, his on-off girlfriend of 16 whopping years and the mother of his two daughters, Michaels has nothing but good things to say.

"She's a beautiful woman, she's strong, I love her, we respect each other and I think that's the start of a great relationship," he said.

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