Kytrad, the 'red' version that you give seems the most logical to me.
The 'wed' version seems to have originated in camps for young people, including scouts, although some people claim that it is 'old' (see link below).

I have been trying to find reliable information for the 'red' verse without success. (I have seen verses of that ilk in UK garden catalogues).
Without support, one Canadian site calls the 'red' version 16th c. and the 'wed' version the popular form (see under Love and Traditional in their index for the latter). They give the music, and the verse you post, as "traditional 16th c.," but I have noted some misattributions with songs at this site, and references are seldom provided: Rose 4X


I found these rather odd ones:
Rose, rose, rose, rose
Shall I ever see thee red?
Aye, marry that thou shalt
When thou art dead?

Also (Australian site):
Rose, rose, rose, rose
Shall I ever see thee red?
Aye marry if thou wilt
And thou but stay.