We study the absorption line shape caused by Frenkel excitons in one-dimensional ring-shaped molecular aggregates, such as circular light-harvesting systems, subjected to dynamic disorder with a finite correlation time. We focus on dichotomic noise and show that for arbitrary orientations of the molecular transition dipoles relative to the ring, the absorption spectrum may be calculated exactly by solving two very similar sets of 2(N) coupled linear equations of motion, where N is the number of molecules in the ring. These sets are a factor of N smaller than in methods developed previously, which allows us to evaluate the exact line shapes for N up to 12 and study size dependence of the spectra. Previous exact calculations were limited to h...