The transmission of a pump laser resonant with the lower polariton branch of a semiconductor microcavity is shown to be highly dependent on the degree of circular polarization of the pump. Spin dependent anisotropy of polariton-polariton interactions allows the internal polarization to be controlled by varying the pump power. The formation of spatial patterns, spin rings with a high degree of circular polarization, arising as a result of polarization bistability, is observed. A phenomenological model based on effective semiclassical equations of motion provides a good description of the experimental results. Inclusion of interactions with the incoherent exciton reservoir, which provides spin-independent blueshifts of the polariton modes, is found to be essential.