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You don't indicate whose kit you are building, although this is the Kirkham forum and Mike (ERA 626) thinks it is a Kirkham. Irrespective of that, recommendation #1 is go to the kit manufacturer's build doc and see what the doc says the wire is for. Once you find that, connect it as directed by the build doc.
An almost always good suggestion is red wires are hot wires, black or white wires tend to be ground or common wires. What needs power in close proximity to the ring terminal? Chances are that is where it should be connected.
Always better to know than guess, which brings us back to the build doc and doing it right. You would feel real bad if you did it wrong and it caused a fire that consumed the car before you had a chance to drive it ...
Ed
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Help them do what they would have done if they had known what they could do.
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