I don't know about its roots but it was a pop song in the 50's. Here is how Nat King Cole sang it. (BTW in the late 60's Sam Shepard played drums for the Holy Modal Rounders.)

Red Sails In The Sunset

{Red sails in the sunset, way out on the sea}
Oh, carry my loved one home safely to me
{She sailed at the dawning, all day I've been blue}
Red sails in the sunset, I'm trusting in you

Swift wings you must borrow
Make straight for the shore
We marry tomorrow
And she goes sailing no more

{Red sails in the sunset, way out on the sea}
Oh, carry my loved one home safely to me

Swift wings you must borrow
Make straight for the shore
We marry tomorrow
And she goes sailing no more

{Red sails in the sunset}
Way out on the sea (ooh-wee-ooh, wee-ooh)
Oh, carry my loved one
{Home safely to me}

{bracketed words are sung by Nat in unison with background singers}
(words in parentheses are sung by background singers only)