How would I draw something like this in Photoshop and put it above some text?
Best thing to do is create 2 circles and subtract one from the other
- Create a new layer.
- Use the Marquee Tool and hold down Shift to create a round selection.
- Hit D and Alt+Backspace to fill this with black.
- Duplicate the layer and move the new layer down holding Shift.
- Left click the other layer and hit Delete.
If this sounds confusing see this video which describes something similar using shapes.
You can draw a curve using the pen tool. Position the Pen tool where you want the curve to begin, and hold down the mouse button. The first anchor point appears, and the Pen tool pointer changes.
Drag to set the slope of the curve segment you’re creating, and then release the mouse button. In general, extend the direction line about one third of the distance to the next anchor point you plan to draw.
Also you can get more help from https://helpx.adobe.com/photoshop/using/drawing-pen-tools.html