Equivariant K-theory of $S^1$-action on $S^2$

Is there any references for the structure of the equivariant K-theory $K_{S^1}(S^2)$ where the action of $S^1$ on $S^2$ is defined to be rotation about the $z$-axis? What is the ring structore of $K_{S^1}(S^2)$ and the module structure over the representation ring $R(S^1)$?