If you want to animate a loading/waiting animation, you can make a series of pictures. But if you want background free pictures, you can use png. However, the quality of transparent png in LabVIEW is not good. Also in case of using picture ring, you can not make it smaller or bigger as well.
I suggest using graph and plot a circle showing circle points. Then make the graph background transparent.
You can set each point with different color, and change their color in a step/ramp using a loop (to show animation of circulation). You can also set number of points, points shape, size, and position.
Now you can make it as a subVI and use it wherever you want. Just remember to send the reference of the VI graph to the subVI and set the attribute and property of the subVI graph the same as the main graph.