Is light a particle which has a electromagnetic field around it OR does the particle itself travels in a wave like motion?
The latter. Light consists of electromagnetic waves which have a quantum nature, wherein we say the photon is a quantum of light. This tends to get converted into a "particle" of light wherein people think of the photon as some point-particle thing. But see Wikipedia where you can read that the energy and momentum of a photon depend only on its frequency (ν) or inversely, its wavelength (λ):
$E=\hbar\omega=h\nu=\frac{hc}{\lambda}$
A photon has a wavelength, it is a wave. However when you detect a photon on say a screen, what you see is a dot. See the Wikipedia double-slit article for that. But just because you see a dot when you detect a photon, don't think it's some point-particle. It isn't. It's a wave, with a wavelength. (For myself I think it's best to think of detection as something akin to an optical Fourier transform, but that's one for another day.)
Is it just the EM field which moves in a wavy motion like ripples?
Kind of. Like HolgerFiedler said, photons are disturbances in the EM field. And like Maxwell said, "light consists of transverse undulations in the same medium that is the cause of electric and magnetic phenomena". IMHO it's important to appreciate that the quantum nature of light is associated with its wave nature. See Leonard Susskind talking about the Higgs boson in this video? At 2 minutes 50 second he rolls his whiteboard marker round saying angular momentum is quantized. Take a look at some pictures of the electromagnetic spectrum. Notice how the depicted wave height is the same regardless of wavelength? And you doubtless know that a sine wave is associated with rotation? The quantum nature of light is to do with that. Roll your marker round fast or slow, but roll it round the same circumference, because Planck's constant of action h is common to all photons regardless of wavelength.