Soodlum's 100 Irish Ballads Volume 1 claim that this is a Scottish ballad that is popular in Ireland (Tell me a song that isn't) and that it tells the simple story of a young girl and her ploughboy lover.
I find it quite a jolly song. The lyrics are odd in that the verses are sung alternating between the first and third persons. I also find very amusing that after a night of serious love-making, the lovers shake hands on parting. How touching and quaint!

Lyrics