This is a modern re-write of Bonnie James (or George) Campbell (Child 210). It has been suggested that the Scottish song may refer to events of the late 16th century; but without compelling reason. The re-write (and its tune) was made by the band Gryphon, for their eponymous album back in the 1970s.

George Campbell has been discussed here in the past, and what appears to be a collated text appears in the DT.