A scannable virtual rail ring oscillator circuit and system for measuring variations in device characteristics provides the ability to study random device characteristic variation as well as systematic differences between N-channel and P-channel devices using a ring oscillator frequency measurement. The ring oscillator is operated from at least one virtual power supply rail that is connected to the actual power supply rail by a plurality of transistors controlled by a programmable source. The transistors are physically distributed along the physical distribution of the ring oscillator elements and each can be enabled in turn and the variation in ring oscillator frequency measured. The ring oscillator frequency measurements yield information about the variation between the transistors and N-channel vs. P-channel variation can be studied by employing positive and negative virtual power supply rails with corresponding P-channel and N-channel control transistors.