An over the counter antifungal cream or ointment is the usual treatment for ringworm, except for tinea capitis (infection on the scalp), which is much more difficult to treat and often requires several months of an oral medication (like Griseofulvin).
Prescription topical creams, suspensions and lotions are also available, like Loprox, Spectazole and Oxistat are also available.
It is usually not necessary to keep your children out of school or daycare when they have a ringworm infection.