The Cursor Health Display mod draws your health in a ring around your mouse. It does more than just that though, it also shows Mana, Wing Time, and Heal Potion Sickness, among other things. I will probably add more, feel free to suggest things to add.
This mod does not change the mouse cursor itself. The cursor in the icon is the KDE Breeze cursor.
This Github Repo contains the mod source, as well as the Blender file used to make the rings, and a python script to convert the blender images into premultiplied alpha images for tModLoader to use.
Steam Workshop: https://steamcommunity.com/sharedfiles/filedetails/?id=3033269638
Credits:
Starting template: https://github.com/Lanboost/TModLoader_LansSimpleHealthbar?tab=MIT-1-ov-file
Image converting script: https://github.com/maxme/PNG-Alpha-Premultiplier/blob/master/NPMApng2PMApng.py