With its call-and-response style and identical tune for both verse and chorus, it sounds fairly "primitive", and could well be derived from an older work song or ritual melody. It would also work very well as a shanty tune or perhaps, as Jack suggested, a hymn tune.

As for "Dolly the dillen doll", a quick Google will find plenty of examples of Dolitha as a female first name from the 18th to the 21st century.