Personally, I'd prefer to drill through the joist and use a threaded ring setup with a washer/nut on the other side.
This is what I did when I put up rings in my daughter's room since I could get to the joists in the attic. I didn't want to drill into the ceiling joists in case I really messed up with the drilling and compromised the structural integrity of the joist, so I used joist hangers to attach some cross-members between the joists and then drilled into those. This had the added benefit of distributing the load across two joists.
