I found a lot of good resources on the UL hammocking subreddit. It can be a little tough to sort through because a lot of hamockers are not focused on weight.

I would avoid the "cloud" material I bought from dutchware. Mine never broke, but a lot of others have. They revised the weight limit downwards after I had bought mine, and now I don't trust it. If I could make that choice again I would choose the next level of durability.

You can get a hammock set up to be pretty light, but no matter what you do it will be heavier than an equivalent investment in ground equipment. After trying it for a while I decided I wasn't really sleeping any better, so I might as well get back on the ground and be lighter. My wife is still team hammock though.

I will say that nothing beats a hammock in the rain. The ground is so wet and cold, but the hammock is cozy.