Ginger makes rings that are a sort of hybrid ring/bar. The one below is from the "Surface" line, but I think something similar is available in a couple of their other lines too. This image shows a satin nickle finish, but it's available in a choice of finishes. Here is a link that might be useful: Ginger Bathroom Accessories Catalog

I'm sort of doing both too. But our bath redo is at a stand still, so I just put these up temporarily. Please ignore the walls, which will come down when the project is restarted. First, the train rack which stores and provides a towel bar as well. It will have the blocking to support it placed behind the new walls. The towel ring as shown was the one we used before, the old one, and I might find a place to put it but who knows. And here is my favorite hook of all time, which I purchased from Lee Valley Tools. It can go behind a door and it folds up. It is also a very nautical design, since boats are always short on space. It makes a good mudroom rack where you can hang a hat on top, and then spread out the other hooks for your gloves and jackets. And then this one, on clearance at Pottery Barn and sold as a bathroom magazine rack, but it is a fantastic towel bar/rack too. Not bad on the price either, if it is still available. I'm using it now beside my sink in the bath undergoing redo.

Not QUITE what you asked but I had hooks for all the towels in my previous house's master bathroom. So much easier and everything dried quickly. DH, wonderful as he may be otherwise, has a pathological inability to hang a towel straight on a towel rod :-) and I think towels on a ring look tidy for about five minutes - the other bath and half-bath had rings which drove me nuts. Unless the ring is fixed in place, if you remove the towel from the ring the ring bangs into the wall (this has been the case with all the towel rings I've had anyway, with a resulting dent in the wall behind) and much of the time it's haphazardly stuffed back into the ring after use, and if you use it while it's still on the ring it looks rather discombobulated afterward unless you're just delicately dabbing your fingertips. :-) Our current half bath has a towel rod at this time and it seems like I'm constantly straightening out a towel that's all crooked. Just put up a hook yesterday in the one full bath so the hand towel no longer has to share a rod with my bath towel. This is MY experience, your mileage may vary.

I've struggled with this for years. In a small bathroom used by only two people. A solution has eluded me, to the point that I have accepted that there is no good solution for a small bathroom. What is working is draping one towel over the shower door to dry and the other one spread out and draped over a kiva ladder that leans against the wall. Tacky, yes. But preferable to having to deal with Wet Towel Stink Syndrome. Even if a double bar exists (that has enough separation to hang full size bath towels to dry), the projection from the wall would kill the deal in a small room.