Using Jack's clue about the School of Scottish Studies, I found it on a recording with an online sound file on their page, listed as

"Fiollaigean: Choral céilidh song
MURDO MacLEOD & JOHN MURRAY"

I know that probably doesn't help much more with the lyrics, but at least we can hear the tune. Your memory serves you well, Jack, it was on Music of the Western Isles 2.

Myst, maybe you could write to them for the lyrics and/or cd or tape.