I am sure there are loads of versions of this song in the DT.
It was a favourite song of the late Brud Petty of Lisdoonvarna in County Clare using the above chorus. I have no idea of the meaning. The song is as he sang it is quite risque. I have just listened to a tape, recorded from radio in 1961, of the Elliots of Birtley singing a Geordie version with no internal chorus but at the end of each verse they sing How are ye the day, how are ye the day, how are ye the day me hinny o.
There is also a very fine Scottish version. George Henderson