String and pulley physics help

[Princesscindy]

Homework Statement

there is a fixed pulley and a mass M is hanging from a string which goes through the pulley and the string it attached to a ring which is free to move up and down a vertical pole...mass of this ring is m. initially the string is horizontal. now we have to find the distance by which 'm' comes down before coming to rest for the first time.. we have to find the equilibrium position of the system and the max velocities of m and M at that instant...

Homework Equations

TcosØ=mg
Mgh=(mv^2)/2
(loss of PE in M=gain of KE of m)

The Attempt at a Solution

the idea i have is that horizontal tension in the string cannot balance weight of m so it moves down till tension components balance Mg...please help me out with this...

 

[CFDFEAGURU]

First, create a free body diagram of the system.