Simplify the ring buffer handling with the in-place API.

Also avoid the dynamic allocation and the memory leak in the channel
callback function.

Signed-off-by: Dexuan Cui <decui@microsoft.com>
Acked-by: Jiri Kosina <jkosina@suse.cz>
Signed-off-by: Sasha Levin <sashal@kernel.org>