Let's write $S$ for the $K(1)$-local sphere at the prime 2. Then there is a cofibre sequence
$$S \to KO \to KO$$
where I'm using $KO$ to denote the $K(1)$-localization of orthogonal K-theory, and the self map of $KO$ is given in terms of Adams operations: $\psi^3-1$. Drew Heard reminded me that on $\pi_1$, $\psi^3-1=0$ is the trivial endomorphism of $\mathbb{Z} / 2 = \pi_1 KO$; this yields the computation
$$\pi_0(S) = \mathbb{Z}_2 \oplus \mathbb{Z} / 2,$$
where the 2-adic factor comes from $\pi_0 KO$, and the $\mathbb{Z} / 2$ gets carried around from $\pi_1 KO$ by the connecting map in the cofibre sequence.
My question is: what is the ring structure on $\pi_0(S)$?
It is certainly a $\mathbb{Z}_2$-algebra, so this describes most of the multiplication. If I write $x$ for an additive generator of $\mathbb{Z} / 2$ (the image of the connecting map), then the only remaining computation is a formula for $x^2$. Since $2x=0$, $2x^2=0$, so it must be the case that either $x^2=0$ or $x^2=x$, since these are the only 2-torsion elements of the ring. Is it known which of these two possibilities holds?