Both are correct, although you would capitalize "Ferris" since that is a person's name. Note that "funfair" is UK English, which is equivalent to an "amusement park" in the USA. A "traveling funfair" would be equivalent to a "carnival" in the USA.

I guess I should give an example of my previous comment. Let's say you and a friend got separated at the fair and just got back together: A- "Where did you go?" B- "I went for a ride on the Ferris Wheel." A- "What did you do?" B- "I rode the Ferris Wheel." A- "What have you been doing?" B- "I've been riding the Ferris Wheel."

Both sentences are correct. Which one you would use will depend on the conversation. The second sentence is just a little more formal.